Messari: USDD outperformed peers in price during Q1 2023, with expanding use cases
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Messari: USDD outperformed peers in price during Q1 2023, with expanding use cases
Currently, the BitTorrent Foundation (TRON DAO Reserve) is still actively promoting platform integration and expanding USDD usage channels.
Navigating Web3 tides with focused insightsRecently, Messari, a well-known crypto data research firm, released its USDD Q1 2023 report. Through multi-dimensional analysis of USDD's reserves, peg stability, and adoption metrics, Messari noted in the report that despite significant price volatility across most stablecoins during the first quarter of 2023, USDD maintained relatively stable pricing compared to previous periods, consistently retaining over 130,000 holders.
Messari pointed out that from the perspective of issuance volume across circulating accounts, USDD issuance stabilized during Q1 2023. The primary method of minting USDD involves the TRON DAO Reserve depositing a certain amount of TRX into a staking account to issue an equivalent amount of USDD. Since its launch, nearly 10% of circulating TRX has been deposited into staking accounts as collateral for USDD.
Messari emphasized that during Q1 2023, USDD expanded its influence and partnerships within the cryptocurrency ecosystem:
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On January 11, USDD announced a collaboration with SwapFish, a decentralized exchange on the TRON blockchain, adding USDD trading pairs to enhance liquidity.
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On January 30, LayerZero Labs announced that users could transfer USDD across chains via Aptos Bridge between the TRON and Ethereum blockchains, increasing interoperability and flexibility for USDD users.
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In February, USDD was listed on multiple cryptocurrency platforms including HyperPay Flash, SushiSwap, and Wombat, further boosting liquidity and offering users additional options for trading USDD and earning yield.
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Additionally, protocol marketing and growth platform QuestN added USDD as a reward for Quest 3. QuestN enables protocols to create onboarding tasks for new users and offer rewards as incentives. In February, USDD was also integrated into Assure Wallet, enhancing its accessibility and utility.
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In March, USDD expanded onto more crypto infrastructure platforms. It was first listed on FaTPay, a cryptocurrency on-ramp and payment service provider, followed by integration into mobile banking platform Blockbank, where users can access crypto-related services. As USDD continues to be adopted across major platforms, users gain more avenues to use and trade USDD.
Messari believes that the series of partnerships established and platform integrations achieved in Q1 2023 will support USDD’s continued expansion within the cryptocurrency ecosystem, further strengthening its liquidity, accessibility, and practical utility.
Currently, the TRON DAO Reserve continues to actively promote platform integrations and broaden USDD usage channels.
USDD was launched by the TRON DAO Reserve in collaboration with major blockchain institutions. As an over-collateralized stablecoin, it circulates globally through leading public blockchains such as TRON, BNB Chain, and Ethereum. In October 2022, USDD and six other TRON-based tokens were legally recognized as national digital legal tender by Dominica, granting them fiat currency status.
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