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Poloniex, one of the leading cryptocurrency exchanges based in the United States has added USDD trading pairs to its platform and the algorithmic stablecoin has been paired with popular cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and TrueUSD to name a few.

USDD trading pairs on Poloniex are the following:

  • BTC/USDD
  • ETH/USDD
  • TRX/USDD
  • BTT/USDD
  • NFT/USDD
  • JST/USDD
  • WIN/USDD
  • SUN/USDD
  • TUSD/USDD
  • ELON/USDD
  • SHIB/USDD
  • DOGE/USDD

Asides from the latest USDD trading pairs, Poloniex also offers a 30% staking reward APY (long-term) for eligible USDD holders on its platform as a way of celebrating the launch of USDD on Poloniex.

What is Poloniex?

Poloniex is one of the leading and pioneer cryptocurrency exchanges in the world. The exchange was launched in 2014 and is based out of Wilmington, Delaware. In 2018, Poloniex was acquired by a digital assets and financial service company called Circle, and it is a Goldman-Sachs-backed company.

The popular crypto exchange has one of the lowest fees at any trading volume and supports over 350 currencies with hundreds of trading pairs available. Poloniex users can trade using its spot, margin, and futures trading.

Asides from their trading features, they also Poloniex Lending, which is a way to earn passive income on your funds without actively needing to trade overall, they are one of the popular crypto exchanges out there in the market with an extensive list of cryptocurrencies and their LaunchBase which is the platform latest token sale.

What is USDD?

USDD or the Decentralized USD is the newest stablecoin on the TRON blockchain and it is an algorithmic stablecoin that is issued as a TRC token on the TRON network.

It will leverage the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. This is similar to the other algorithmic stablecoins such as TerraUSD (UST) and Frax Finance (FRAX).

The recently established TRON DAO Reserve would serve as a transparent mechanism to fully manage the reserves backing the USDD.

To know how USDD works here is an explanation by them in the open letter to the community:

When the USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX and when the USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.

The Decentralized USD algorithm will ensure that this stablecoin on the TRON blockchain maintains its US dollar peg regardless of the market conditions.

USDD is also available on Ethereum and BNB Chain through the BTTC cross-chain protocol.

Do you have any trading pair suggestions for the USDD asides from the ones mentioned above? Let us know in the comment section below.

For more news and updates, see Tron Spark.

Comments

Jino Tokieda

Former EMEA/APAC Operations Executive for a global photography company with 5 years of experience working with top technology companies in the US and have been involved with cryptocurrencies since 2019. Always been a fan of TRON and started getting into the TRX scene around January 2020. Besides creating articles for Tron Spark, I'm a skateboarder and working for a coffee company in Fort Worth, Texas.

Poloniex: Launches New USDD Trading Pairs