In May, the Tron blockchain issued its USDD algo stablecoin. At present, the team is looking to modify the coin, adding collateral and enhancing transparency to avoid the scenario that the Terra ecosystem faced.
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Data from the Tron DAO Reserve website displays, the reserve account now holds 13,040.6 Bitcoins, 240 M Tether (USDT), and 1.9 bln Tron (TRX), on top of the 8.29 bln TRX in the burning contract. USDD's collateral ratio has surpassed 220%.
In a recent interview, Tron’s founder Justin Sun said the addition of collateral has been in Tron's plan, but the collapse of Terra/Luna drove the process, making it priority for the team. Sun said the team wants USDD to be overcollateralized, which he assumes will increase the confidence of token holders.
Data from CoinGecko shows that USDD now is the 9th largest stablecoin with a market cap of over $172 M. Tron’s native utility token TRX ranks 13th with over $7 billion.