Crypto

USD Coin (USDC) Expands Supply on Tron (TRX); Reaches This Milestone

05/15/2022
Bitcoin Ethereum News

  • As USD Coin (USDC) expands its supply on the Tron(TRX) blockchain, it became the second-largest stablecoin by market capitalization and a major competitor of USD Tether(USDT).
  • The net supply of USD Coin(USDC) on the Tron(TRX) blockchain increased by over 24%, according to the announcement shared by H.E. Justin Sun.
  • It is also worth noting that USDC is the only stablecoin that without a significant de-pegging experienced the recent market collapse. As of May 12, 2022, the USDC/USDT ratio rose to 1:1 on some exchanges.

USD Coin (USDC) increases its supply on the Tron(TRX) blockchain. USDC is the second-largest stablecoin by market capitalization and a major competitor of USD Tether(USDT).

The net supply of USD Coin(USDC) on the Tron(TRX) blockchain expanded by over 24%, per the announcement shared by H.E. Justin Sun.

The USDC supply on this blockchain has gone over $1.24 billion in equivalent Tether (USDT), 

USC’s biggest rival issued $38.7 billion on Tron (TRX) in equivalent.

USD Coin (USDC) becomes the second stablecoin to outperform $50 billion in market capitalization on all platforms. Hedera (HBAR), Algorand (ALGO), Stellar (XLM), Flow (FLOW) Solana (SOL), Hedera (HBAR), and Avalance (AVAX), are among the platform on which it is issued in addition to Ethereum (ETH) and Tron (TRX).

According to Circle Inc, USD Coin (USDC)’s operator, the stablecoin is pegged by cash USD (22.9%) and short duration U.S. treasuries (77.1%). 

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Justin Sun offers USDD staking with 40% APY After UST collapse

For conducting USDT transfers, Tron (TRX) is the most resource-efficient platform and it charges $1 with no regard for the amount of the transaction.

It is also important to note that USDC is the only stablecoin that without a significant de-pegging experienced the recent market collapse. The USDC/USDT ratio rose to 1:1 on some exchanges, as of May 12, 2022.

Meanwhile, as everything becomes normal after TerraUSD (UST) collapse, H.E. Justin Sun disclosed that USDD, Tron’s (TRX) stablecoin can be staked with twice as much APY as UST has in Anchor Protocol (ANC)

As of now, the JustLend protocol accepts USDD deposits with a huge 40% in annualized yield, according to Sun. 

Source: https://www.thecoinrepublic.com/2022/05/15/usd-coin-usdc-expands-supply-on-tron-trx-reaches-this-milestone/