The decentralized stablecoin USDD, supported by TRON founder Justin Sun, is now available on Ethereum. This is a significant step toward broader integration.
USDD's Move to Ethereum
Justin Sun announced the move of USDD to Ethereum in a social media post. He stated this step provides users with the option of decentralized stablecoins. According to him:
"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!"
Stablecoin Status in the Market
USDD was launched on the TRON network in May 2022 and aims to maintain a 1:1 ratio with the US dollar. Currently, USDD is among the top 20 stablecoins with a market cap of approximately $456 million. Ethereum holds the largest share of the stablecoin market with popular options like Tether (USDT), USD Coin (USDC), DAI, and PayPal USD (PYUSD).
Impact on the DeFi Ecosystem
The total value of all stablecoins worldwide now exceeds $290 billion, with Tether leading at nearly $168 billion. USDD's transition to Ethereum could positively influence its position in the rapidly growing stablecoin market.
USDD's move to Ethereum underscores the increasing integration of decentralized financial systems and opens new opportunities for users in the stablecoin landscape.
