USDD, the decentralized stablecoin endorsed by TRON founder Justin Sun, has finally made its way to the Ethereum blockchain. This is a big step in its journey across chains. Justin Sun, the founder of TRON, said that USDD’s move to Ethereum is a step toward making the stablecoin ecosystem more compatible with other systems.
Sun announced in a post on X, “The decentralized stablecoin USDD has finally arrived on Ethereum. From now on, everyone has a decentralized choice when it comes to stablecoins! USDD is growing! Swap for USDD and join mining activities with up to 12% APY!”
USDD is an stablecoin that was launched on the TRON network in May 2022. Its goal is to keep its value at 1:1 with the US dollar. USDD is one of the top 20 stablecoins in the world right now, with a market cap of about $456 million.
Ethereum has the most stablecoins, and the most popular ones are Tether (USDT), USD Coin (USDC), DAI, and PayPal USD (PYUSD). Stablecoins constitute a large part of Ethereum’s on-chain activities, making it easier to lend, trade, and make payments in DeFi.
The total value of all stablecoins in the world is now above $290 billion, and Tether (USDT) is still in the lead with a value of almost $168 billion. After that comes USD Coin (USDC) with a market cap of roughly $72 billion, followed by DAI with a market cap of about $4.4 billion. USDD’s approach of using many chains puts it in a favorable position to get a piece of this rising market.
