Geneva, Switzerland / June 1st / – TRON celebrated a record month in May, hitting several massive milestones in a matter of weeks. Including USDD, the collateralized decentralized stablecoin on TRON, which made it into CoinMarketCap’s top 100 just 16 days after its launch on May 5th. On Wednesday, June 1st, USDD hit a new milestone with over $667 million in circulating supply, burning over 8 billion TRX in the process.
According to data from DefiLlama, one of the largest TVL aggregators for DeFi, TRON now ranks third among all TVL public chains at $6.17 billion, close behind Ethereum and BNB Chain. According to CoinMarketCap, as of Thursday, May 26, TRX overtook AVAX to become the #13 in total market cap at nearly $8 billion.
According to CoinMetrics on Sunday, May 29th, TRON also has the first place in the number of active addresses compared to BTC, ETH, XRP, LINK, XLM, BNB, DOGE, MANA, ADA, QNT, LTC, DOT, ZEC , EOS taken. NEO, 1 INCH, AAVE and QNT.
TRX has recently received significant support from major asset management firms, including Fireblocks, a leading global digital asset and crypto infrastructure platform, which announced its support for TRX and all TRC-20 tokens of the TRON blockchain on its institutional-focused digital asset platform last week. This announcement follows Crypto Finance, a subsidiary of Deutsche Boerse, which has announced its support for the storage, custody and trading of TRX and is making TRX available to the entire Deutsche Boerse network.
In terms of stablecoin development, the TRON DAO Reserve has whitelisted several leading blockchain institutions such as Alameda Research, Amber Group, Poloniex, Ankr, Mirana, Multichain, FalconX and most recently TPS Capital as members and institutions to support USDD and more names to be coined will be announced in the coming weeks.
TPS Capital, the official OTC desk for Three Arrows Capital, offers a full spectrum of digital asset solutions for institutional investors, funds, protocols and crypto-native organizations. You strengthen new and existing relationships with 24/7 service. With their primary focus including but not limited to providing OTC liquidity, market making, lending and borrowing across asset classes.
USDD is already traded on popular lending platforms, decentralized exchanges and centralized exchanges such as JustLend, SunSwap, PancakeSwap, Ellipsis, Uniswap, Curve, Poloniex, Huobi Global, KuCoin, Gate.io, LBank, Bibox, Bitget Global and KyberSwap. On Thursday, May 26th at 10:00 UTC, Bybit, one of the fastest growing cryptocurrency exchanges with over 6 million registered users, listed USDD in a special launch. As part of the launch, Bybit has announced a two-part event with a $400,000 USD prize pool. Designated mining platforms like SUN.io are currently offering over 30% ad yield on USDD, which provides decent incentives for DeFi users and strengthens TRON’s DeFi ecosystem. TRON is proud to have backed over 122 million USDD in liquidity pools as of May 25th.
“TRON’s meteoric rise to the top three global public chains by TVL can be attributed to its continued efforts to drive growth across the ecosystem,” said SE Justin Sun, Founder of TRON. “USDD has reached 667 million in circulation, the TRON Grand Hackathon 2022 Season 2 is underway with prominent partners and judges from across the industry, and the entire ecosystem is witnessing explosive growth. Since becoming a DAO, the TRON community has continued to build!”
Stablecoins have long been a crucial part of the DeFi market, and TRON has dedicated significant resources to them for several years. From building strong relationships with issuance platforms like Tether and Circle, to establishing the TRON DAO Reserve and launching USDD based on the TRON platform, TRON has built a robust stablecoin armada that includes USDT, USDJ, TUSD, USDC and USDD. USDD quote pairs are now available on Huobi Global with no trading fee. These include TRX/USDD, BTT/USDD, NFT/USDD, JST/USDD, SUN/USDD, WIN/USDD, USDD/USDT, and USDD/USDC.
TRON also recently marked the highly anticipated second season of the TRON Grand Hackathon 2022 on Monday, May 16th with a wave of applicants. In the same week, TRON DAO announced the launch of a $10 million incentive fund program, taking into account recent events, to help Terra developers migrate to the TRON ecosystem. It is also confirmed that TRX will soon be listed on DMM Bitcoin, a top 2 crypto exchange in Japan.
Since transitioning to a DAO in December 2021, TRON has grown into one of the largest blockchain ecosystems in the world. With $54.4 billion in on-chain assets, TRON is one of the most active settlement tiers today with an exceptional lineup in DeFi, NFT, GameFi, cross-chain connectivity and stablecoins, boasting over 95 million on-chain with 3.2 -Users record billions of transactions processed on its network. Even in bearish market conditions, while most of the market was concerned about the future of the industry, TRON continued to post bullish growth; In the week ending May 9th, TRON was the only green in a sea of red.
Integrating USDD into more ecosystems in the future – as promised by BitTorrent Chain’s cross-chain solution – will propel TRON’s DeFi ecosystem, and perhaps the entire DeFi industry, into the next phase of growth.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps). Founded in September 2017 by HE Justin Sun, the TRON network has continued to achieve impressive success since the launch of MainNet in May 2018. In July 2018, BitTorrent was also integrated into the ecosystem, a pioneer in decentralized Web3 services with over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of May 2022, it has a total of over 95 million user accounts on the blockchain, more than 3.2 billion total transactions, and over $12 billion in total locked value (TVL), as reported on TRONSCAN. Additionally, TRON hosts the largest circulating supply of USD Tether stablecoin anywhere in the world, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-managed DAO. Recently, the over-collateralized stablecoin USDD was announced on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
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