Bitrue, one of the leading digital asset management platforms, announced today that they have listed algorithmic stablecoin USDD.
📢#USDD spot trading (USDD/USDT) has already opened on @BitrueOfficial!
đź’ˇNote that #TRC20 – USDD deposits are now supported and withdrawals will be activated in about 24 hours.
đź’ŞTogether we #BUILD the best #StableCoin $USDD.
More details👉https://t.co/5fvPzzAL36 pic.twitter.com/OAZPN0kaRS
— USDD (@usddio) June 2, 2022
The platform would now allow its users to deposit and trade the stablecoin using the USDD/USDT trading pair. They also offer yield farming for the USDD and offer a 30% APR.
Bitrue also mentioned that payouts would be activated approximately 24 hours after trading went live on their platform.
What is Bitrue?
Bitrue is a Singapore-based digital asset management platform launched in 2018. Founded by a group of blockchain enthusiasts, the exchange aims to provide a secure and convenient cryptocurrency trading service and to be the best aggregator of qualified cryptocurrencies on the market.
#USDD $USDD comes to Bitrue spot trading. @usddio
– Deposits are now open
– Trading begins today at 10:00 UTC
– Pairs are USDD / $USDT
Details – https://t.co/o9QIKmH9Pr pic.twitter.com/bKJp7pMOCX
— Bitrue (@BitrueOfficial) June 2, 2022
The exchange offers support for over 250 cryptocurrencies with competitive trading fees compared to other exchanges. Aside from the digital asset trading services they offer, they also have a futures trading platform, lending, and high-yield yield growing and staking.
As mentioned on their website, Bitrue also has a senior management team from Capital One and website security professionals representing the pinnacle of their professions internationally, assuring their users of a secure and stable high-performance trading platform.
What is USDD?
USDD or Decentralized USD is the newest stablecoin on the TRON blockchain and is an algorithmic stablecoin issued as a TRC token on the TRON network.
It will harness the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. This is similar to the other algorithmic stablecoins like TerraUSD (UST) and Frax Finance (FRAX).
🎊The total supply of $USDD has surpassed 600 million within the first month of its launch!🎊
Our #StableCoin $USDD is growing much stronger! 🚀
Check more đź”— https://t.co/OTvCuPwJOm#USDD is burning! https://t.co/lhjQLGIwb3 pic.twitter.com/m2hVOhL0uY
— USDD (@usddio) May 28, 2022
The recently established TRON DAO reserve would serve as a transparent mechanism to fully manage the reserves in support of the USDD.
To know how USDD works here is an explanation from them in the open letter to the community:
When the USDD price is below $1, users and arbitrageurs can send 1 USDD to the system and receive $1 worth of TRX, and when the USDD price is higher than $1, users and arbitrageurs can send $1 worth of TRX Send USD to the decentralized system and receive 1 USDD.
The decentralized USD algorithm ensures that this stablecoin on the TRON blockchain maintains its US dollar peg regardless of market conditions.
USDD is also available on Ethereum and BNB Chain via BTTC cross-chain protocol.
Just two weeks after being endorsed by one of the largest exchanges in the market, Poloniex, BitRue is the next platform to add the algorithmic stablecoin to their platform. Expect more financial platforms to fully support USDD in the coming months.
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