• Sat. Jun 22nd, 2024

USDD Price Rose By 500 Percent In Third Quarter

Alvin Hayes

ByAlvin Hayes

Nov 5, 2022

In a report published on November 3 by Messari, one of the top providers of cryptocurrency information, it was stated that the USDD token had recovered from the crisis with a third-quarter user growth of 500%. 

Positive expansion 

The foregrounded report on the stable-coin’s growing trajectory was included with the main info of the document, along with a possible performance-based forecast for Q4. 

The number of US dollar wallets, which increased five times during the third quarter, is a sign of growth. These studies demonstrate that dollar-pegged stablecoins will perform better in the future. Previously, the binding was dropped in the second quarter of 2022. Between Q2 and Q3, there were 480 percent more bearers. Deposits of TRX rose by 9 point 7 percent, but reserves fell by 5 point 3 percent. 

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Following the de-pegg of the stablecoin this summer, studies suggested a coordinated effort to thwart a further de-pegg. The USSD token is solidly endorsed by coins like Bitcoin or USDT, according to Messari’s November report. The DAO stated in June that it could sell $725 million of TRX and purchase $50 million of BTC to support its stable tokens. 

The new holders

Although the size of deals on the Tron framework is shrinking, there are still an average of 120,000 USD holders, so the acceptance rate is essentially unchanged and has little to no impact on transaction costs. The typical amount saved is $6,000. 

The optimistic reports from Messari were also corroborated by Tron’s official report on Twitter in October. According to the announcement, the Tron network received over 4.4 million new accounts last month. The current situation shows that the Tron’s selection as Dominica’s state crypto-based framework had a great influence on the price of tokens and interest shown by investors. Meanwhile, TRX staking has just begun on Binance US. 

All of this enhances USDD’s value as a genuine settlement currency and enables self-stabilization. It is the best alternative for the blockchain space and the real economy because it also has a price-stable decentralized currency protocol that aids in expanding the use cases for cryptocurrency-related transactions.

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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