USD Coin (USDC) on Tron (TRX) Breaks Major Milestone Amid UST Drama
His Excellency Justin Sun, Founder of Tron (TRX), Shares USD Coin (USDC) Expanding Bet on Tron (TRX) as Technical Base
USD Coin (USDC) from Circle Inc., the second largest stablecoin by market capitalization and a major competitor to USD Tether (USDT), is expanding its offering on Tron (TRX) blockchain.
USDC offering on Tron (TRX) exceeds $1 billion for the first time
According to the announcement shared by HE Justin Sun, the net supply of USD Coin (USDC) on Tron (TRX) blockchain increased by more than 24%.
— HE Justin Sun 🌞🇬🇩 (@justinsuntron) May 14, 2022
This addition pushes the USDC supply on this blockchain above $1.24 billion in equivalent. USDC’s main rival, Tether (USDT), spent $38.7 billion on Tron (TRX) in equivalent.
USD Coin (USDC) will also become the second stablecoin to surpass $50 billion in market cap across all platforms. In addition to Ethereum (ETH) and Tron (TRX), it is also issued on Algorand (ALGO), Solana (SOL), Stellar (XLM), Avalance (AVAX), Flow (FLOW), and Hedera (HBAR).
USD Coin (USDC) is backed by USD cash (22.9%) and short-term US Treasury bonds (77.1%), according to the operator, Circle Inc.
After UST Collapse Justin Sun Offers USDD Strike With 40% APY
Tron (TRX) is the most resource efficient platform for USDT transfers; it charges $1 without considering the amount of the transaction.
It is worth noting that USDC is the only stablecoin to have endured the recent market collapse without significant de-pegging. On May 12, 2022, the USDC/USDT ratio peaked at 1:1 on some exchanges.
At the same time, as the dust settles after the TerraUSD (UST) collapse, HE Justin Sun reveals that Tron’s (TRX) stablecoin, USDD, can be staked with twice as much APY as UST has in Anchor Protocol (ANC).
— HE Justin Sun 🌞🇬🇩 (@justinsuntron) May 12, 2022
According to Sun, the JustLend protocol currently accepts USDD deposits with a whopping 40% in annual yield.