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USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged

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USDD Continues to Trade for Under $1 —  Tron DAO Reserve Insists Stablecoin Has Not Depegged

USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged

Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.”

USDD Trades Below $1 for an Entire Week

USDD has been trading for lower than a U.S. dollar for over a week and on Sunday, USDD tapped an all-time low at $0.928 per unit. The following day on Monday, the stablecoin has been exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low at $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday evening at 7:00 p.m. (ET). The stablecoin has seen roughly $83 million in global trade volume and the top USDD exchanges on Monday include Kucoin, Huobi Global, Poloniex, and Pancakeswap version two (V2).

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased 10,000,000 #USDD on #TRON.

— TRON DAO Reserve (@trondaoreserve) June 20, 2022

The Tron DAO Reserve account on Twitter has been announcing numerous crypto asset purchases to safeguard the crypto ecosystem. On Monday, the Tron DAO Reserve revealed it added ten million USDC to “safeguard the overall blockchain industry and crypto market.” The Tron DAO Reserve web portal indicates that the stablecoin is overcollateralized by 324.35% at the time of writing at 7:20 p.m. (ET). At that time, the website shows there is 1.080 billion USDC in the reserve, 140,013,886 tether (USDT), 14,040.6 bitcoin (BTC), and 10,874,566,176 tron (TRX).

While the stablecoin has been trading for under $1 per unit, the Tron DAO Reserve’s official Twitter account says that the USDD crypto asset has not depegged. “Is USDD depegged?” the Twitter account recently asked. “No. USDD is a decentralized stablecoin that depends on an on-chain mechanism & collateralized assets, unlike centralized stablecoin e.x. USDC, which is attached to USD in a very close spread by banking mint and redemption.” Tron DAO Reserve said that a certain percentage of volatility is “unavoidable.” The USDD treasury organization added:

Currently, the market volatility rate is within +- 3%, an acceptable range. We will watch the market very closely and act accordingly.

Tron DAO Reserve Says USDD Ecosystem Aims to Focus on Collaborations and Multichain Expansion

The Tron DAO Reserve also discussed “massive short positions” that were betting against tron (TRX), the blockchain’s native crypto asset. USDD is not the only stablecoin in the crypto industry that has suffered from a certain percentage of volatility. The decentralized finance (defi) protocol Abracadabra’s stablecoin MIM briefly slid to $0.91 when bitcoin (BTC) slipped to $17,600 per unit two days ago. Since then, Abracadabra’s magic internet money (MIM) has jumped back to the $0.99 range.

Furthermore, the stablecoin neutrino usd (USDN) has been volatile during the market carnage this past week. USDN is a stablecoin crafted by the Waves (WAVES) protocol in a smart contract and minting USDN involves collateralizing WAVES. Like MIM, USDN has managed to come back to the $0.99 range.

As far as USDD is concerned, the Tron DAO Reserve doesn’t seem to be sweating being below the $1 parity. Tron DAO Reserve noted in the recent Twitter thread that it aims to be the top dog of decentralized stablecoins. “We will focus on collaborations with different cefi/defi platforms and multichain expansion. We aim to offer the best decentralized stablecoin ever available in the market,” the Tron DAO Reserve’s Twitter thread concludes.

What do you think about the USDD market this past week? Do you agree with the Tron DAO Reserve’s explanation? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

Fed Chair Powell: We Are Not Really Seeing Significant Microeconomic Implications From Crypto

Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework.

Fed Chair Powell Says Crypto Needs Better Regulation

Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on “the semiannual monetary policy report to congress” Wednesday.

Senator Kyrsten Sinema (D-AZ) asked him whether the Fed has been tracking crypto activities given the recent market volatility, and what implications crypto has on the broader economic outlook and monetary policy.

“We are tracking those events very carefully, of course,” Powell replied, elaborating:

[We are] not really seeing significant macroeconomic implications, so far.

“The principal implication is really what we’ve been saying, and others have been saying for some time, which is that in this very innovative new space, really, there is a need for a better regulatory framework,” he emphasized.

Powell continued:

The same activity should have the same regulation no matter where it appears and that isn’t the case right now.

In March, the Fed chair said: “Our existing regulatory frameworks were not built with a digital world in mind … Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.”

Powell also told the Senate banking committee on Wednesday that the central bank is determined to bring down inflation which he believes the Fed can make happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” he said.

Regarding the U.S. economy possibly sliding into a recession, he stressed: “It’s not our intended outcome at all, but it’s certainly a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market.”

What do you think about Fed Chair Powell’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC Sanctions 2 Crypto Trading Platforms

The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.

The first is Bybit, a crypto trading platform operated by Bybit Fintech Ltd., incorporated in the British Virgin Islands. The other is Kucoin, operated by Mek Global Ltd., incorporated in the Republic of Seychelles, and Phoenixfin Pte. Ltd., incorporated in Singapore.

“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.

Kucoin must also pay a further CAD $96,550.35 ($74,497) towards the costs of the OSC’s investigation.

As for Bybit, the regulator settled with the exchange. The OSC explained that, unlike Kucoin, Bybit responded to its enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.

The Canadian securities watchdog described:

As part of a settlement agreement, Bybit has disgorged USD $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

“Bybit has also given an undertaking to the OSC, which holds the firm accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to wind down their positions in certain restricted products.

In March last year, the OSC told crypto trading platforms that offer derivatives or securities trading in Ontario to start registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario.

What do you think about the OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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“Play to Earn” to Own Remitano Network’s RENEC Token

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“Play to Earn” to Own Remitano Network’s RENEC Token

press release

PRESS RELEASE. “Play & Earn” is no longer a strange term for most GameFi believers. Recently, Remitano Network, Remitano’s blockchain network, has launched a novel airdrop in the format of “Play to Earn”, allowing users to own the network’s RENEC token in the form of “group mining”.

Starting from the free daily RENEC solo mining at Remitano.com, users can now mine together in groups to receive a larger amount of RENEC token airdrop as a reward. Each mining pool is called a mining room, and after 24 hours, the team members will split a larger amount of RENEC than the solo mining effort.

This is a fairly new form of airdrop in the market, making the traditional airdrop less boring.

Participation is quite simple. You just need to sign up for a free Remitano account and start mining solo or in groups.

Try RENEC mining for free here!

Refer to the official RENEC Whitepaper.

The RENEC mining program is limited to a maximum of the end of Q3 of 2022, so the sooner you join the better your chances of owning more of the exchange’s tokens.

Remitano Network Launches Testnet

At the beginning of April 2022, the Remitano Network Team successfully launched a test network (Testnet) that promises strong moves of Remitano, a 9-year-old crypto exchange, in the world of blockchain.

The Testnet network launched with the appearance of the Testnet RENEC wallet which allows registered users to receive 100 testing RENEC into the wallet. You can also register to receive 100 RENEC to Testnet wallet here.

The RENEC mainnet is expected to launch sometime between the end of Q2 and Q3 of 2022, which is also the time when the RENEC airdrop program ends.

The potential of Remitano Network

In addition to taking advantage of owning RENEC Token from now on, perhaps what the community is most interested in is which applications will appear first on the network.

Although the development team has not officially announced the first applications to run on the network, with recent observations based on Remitano’s activities, we can predict their next steps. Here’s what we’ve been able to observe in recent times:

Firstly, a decentralized exchange will appear on the Remitano Network this year according to the development roadmap mentioned in the RENEC whitepaper. This is the basic step and premise of many blockchain networks today.

Also in the whitepaper, Remitano talks about bringing P2P transactions between cryptocurrencies and fiat on the blockchain, along with a decentralized KYC service. Imagine, RENEC will become the first blockchain to support on ramp off ramp and users do not need to go through centralized exchanges.

What does this mean for developers of decentralized applications (dApps)? Take, for example, popular play-to-earn games like AXEI, STEPN. New users have to go through multiple registrations on various exchanges to be able to convert between fiat and crypto, before they can start participating in the app. This creates a huge barrier for new users, making developers limited in terms of audience.

With Remitano Network supporting decentralized KYC on the blockchain, P2P fiat crypto trading can take place right in decentralized applications. Allows users to cash in cash out easily right in the app without having to move around or need a lot of blockchain knowledge. For app developers, this means reaching out to the general population, easily reaching new users.

It seems that NFT5, BombCrypto and ToCom will be the pioneer projects for this approach.

However, what few people notice is that in 2022 it is Remitano that has entered into a strategic alliance with NFT5.io. Thus, it can be predicted that NFT will be one of the prominent applications on this blockchain network in the near future.

At the same time by the end of 2021, Remitano also has a strategic cooperation with BombCrypto, an NFT game in the Play to Earn genre.

And according to an unofficial source, a GameFi community in the form of Play to Earn will be invested and developed by Remitano to promote community interest in blockchain and crypto in general. A website shared recently by the GameFi community called https://tocom.io/ is said to be developed by Remitano.

Linking the above facts, we can imagine the future picture of Remitano Network Blockchain. Do you think the growth potential of the network is extremely large?

About Remitano

Remitano is one of the largest peer-to-peer (p2p) cryptocurrency trading platforms in the world, currently serving users in more than 30 countries. The platform provides an escrowed p2p crypto marketplace allowing users to buy bitcoin and cryptocurrency easily and safely. Remitano is a market leader in the p2p platform space, featuring an intuitive and user-friendly interface, 24/7 customer support, and boasts some of the lowest fees in the industry.

Got Questions?

Reach out to Remitano via:

E-mail: [email protected]

Socials: Fanpage, Group, Instagram, Twitter


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com Media

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Contact [email protected] to talk about press releases, sponsored posts, podcasts and other options.

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