Huobi, one of the biggest cryptocurrency exchanges in the world has announced that they have added two trading pairs for TRON’s algorithmic stablecoin USDD.
Let’s keep on BUIDLing together! 💪
📅 Live on October 19th pic.twitter.com/JY7cZXQSGF
— USDD (@usddio) October 19, 2022
The newest trading pairs added by Huobi are USDD/BTC and USDD/ETH which went live a few hours ago.
Asides from the BTC and ETH trading pairs for USDD, they also have trading pairs for TRC20-based tokens such as TRX, JST, WIN, SUN, BTT and NFT.
Huobi started supporting TRON’s algorithmic stablecoin USDD last May 13th of this year.
What is Huobi?
Huobi is one of the most well-established digital crypto exchanges in the world since 2013 and they are one of the most dominant crypto exchanges in Asia.
The said exchange has a well-known reputation for being a safe and trustworthy place to buy, trade, store, earn and sell digital currencies. Currently, they are offering over 350 digital currencies on their platform and they have a growing number of users worldwide with over 60 payment methods for converting fiat into crypto.
They are one of the crypto exchanges that support fiat currencies and provide a variety of cryptocurrency markets that can be traded using the same user account. Users can take advantage of using their popular options such as Spot Exchange, Margin Exchange, Futures Market, Options, and USDT-Swaps.
Asides from the trading features of Huobi, they also have Huobi Staking which earns rewards for holding cryptos, and Huobi Earn, which offers flexible and fixed lock-up terms to earn interest on coins and tokens.
What is USDD?
USDD or the Decentralized USD is a stablecoin on the TRON blockchain and it is an algorithmic stablecoin that was issued as a TRC token on the TRON network.
🎊#USDD is granted statutory status as authorized digital currency and medium of exchange in the Commonwealth of Dominica!
⏰Ends at 10AM UTC, Oct 21 pic.twitter.com/5J06eSQpA1
— USDD (@usddio) October 14, 2022
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.
TRON DAO Reserve serves as a transparent mechanism to fully manage the reserves backing the USDD.
The Decentralized USD algorithm will ensure that the 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.
Last week, USDD has been granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica alongside other TRC20-based tokens.
For more news and updates, see Tron Spark.