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USD Coin (USDC) on Tron (TRX) Smashes Through Major Milestone Amid UST Drama

u.today 14 May 2022 17:52, UTC
Reading time: ~2 m

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

USDC supply on Tron (TRX) surpasses $1 billion for the first time ever

According to the announcement shared by H.E. Justin Sun, the net supply of USD Coin (USDC) on Tron (TRX) blockchain jumped by more than 24%.

#USDC on #TRON has surpassed 1 billion! https://t.co/Dv66YPiQJs

β€” H.E. Justin Sun πŸ…£πŸŒžπŸ‡¬πŸ‡© (@justinsuntron) May 14, 2022

This addition pushes the USDC supply on this blockchain above $1.24 billion in equivalent. USDC's core rival, Tether (USDT), issuedΒ $38.7 billion on Tron (TRX) in equivalent.

Also, USD Coin (USDC) becomes the second stablecoin to surpass $50 billion in market capitalization across all platforms. Besides 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 cash USD (22.9%) and short duration U.S. treasuries (77.1%), as per its operator, Circle Inc.

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

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

It is worth noting that USDC is the only stablecoin that went through the recent market collapse without a significant de-pegging. On May 12, 2022, the USDC/USDT ratio spiked to 1:1 on some exchanges.

At the same time, as the dust settles after thw TerraUSD (UST) collapse, H.E. Justin Sun reveals that Tron's (TRX) stablecoin, USDD, can be staked with twice as much APY as UST has in Anchor Protocol (ANC).

#USDD mining is live now on https://t.co/AzvfhEjc3G with 40% APR. You can now deposit your #USDD in Justlend. pic.twitter.com/6WhX9fhpEP

β€” H.E. Justin Sun πŸ…£πŸŒžπŸ‡¬πŸ‡© (@justinsuntron) May 12, 2022

According to Sun, right now, JustLend protocol accepts USDD deposits with a whopping 40% in annualized yield.

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