HitBTC Added USDD to its Roster

HitBTC Added USDD to its Roster
Jun 24, 2022 0
HitBTC Added USDD to its Roster

HitBTC became one of the crypto exchanges to add USDD, a new stablecoin issued by TRON DAO Reserve. USDD is a self-stabilized asset based on the incentives mechanisms that allow the price and liquidity to stay at a constant level, so the coin will always keep a $1 value. 

On HitBTC, it can be traded against several crypto assets, including BTC, TUSD, DAI, USDC, and other crypto coins. On top of that, HitBTC allows you to stake USDD with a 21% APY, which is a huge reward! 

The coin hit the market in May of 2022. The potential success of the coin is associated with the expected increase in the USDD use cases. As stablecoins are convenient for purchasing goods due to their parity with USD. This characteristic might play a positive role in the fast growth of the USDD user base. There are solid chances that this will be the case because, as of now (June 2022), the coin occupies the 58th position among all cryptocurrencies by market cap, which is a great deal considering that today there are over 10 thousand cryptocurrencies in existence.

Security and price stability are achieved via the guaranteed over-collateralization. The coin is collateralized by other huge crypto assets, including Bitcoin, TRON, USDT, etc. The summarized value of the collateral assets exceeds the USDD value by 30% to guarantee price stability. Security and price stability will serve as drivers in the future USDD growth and enhance the crypto space and the economy in general.

USDD is a universal chain-agnostic asset. With the use of the cross-chain protocol BitTorrent Chain, USDD is smoothly operated via multiple blockchains, including TRON, Binance Smart Chain, Ethereum, and others. New USDD coins are minted by the TRON DAO Reserve members through staking TRON. The minting process takes place in the TRON burn smart contracts.

HitBTC is a well-established crypto exchange launched back in 2013. The platform has set the trends that are still used by other huge exchanges. HitBTC has one of the most extensive selections of supported cryptocurrencies. As of now, HitBTC is more than just a spot crypto exchange. Instead, it is an all-in-one solution rivaling such platforms as Binance and Gate.io. HitBTC allows margin trading, futures trading, instant swaps, and buying crypto coins with fiat money, it has an OTC desk, a staking service, and many other features. Unlike many top exchanges, throughout the years, HitBTC has never been hacked successfully. So security is a top priority of this exchange.

HitBTC has been supporting fresh aspiring coins since its early years. Many of the best-known cryptocurrencies were on the HitBTC list long before the support from other exchanges. No wonder USDD hasn't passed unheeded, and the HitBTC team decided to list this new stablecoin.

Stablecoin is a cryptocurrency addressing the volatility issue. The value of stablecoin is pegged to a different asset. The most popular stablecoin is Tether (USDT). It is pegged to USD and is always equal to $1. USDD is pegged to USD, too.

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.

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