Wintermute gains the right to issue USDD stablecoin

Market-maker Wintermute has become the ninth participant in the TRON DAO Reserve, the organisation behind the algorithmic stablecoin USDD. ForkLog reported.

The trading firm has gained the ability to issue and burn USDD. Wintermute will also advise the organisation on developing the stablecoin project.

The coin entered circulation on May 5, on the eve of the collapse of LUNA and Terra USD (UST). The stablecoin is available on TRON, Ethereum and BNB Chain.

TRON DAO Reserve noted that it recognised the elasticity of USDD’s price relative to the dollar amid market turmoil. According to project representatives, the emphasis on overcollateralisation of the asset helped stabilise pricing.

As of writing, the circulating supply stands at 739,887,667 USDD. The reported reserves of the stablecoin exceed $2.33 billion.

The algorithmic trader Wintermute is a recognised player in the crypto market with an average daily trading volume of more than $5 billion. The company supports over-the-counter trading and provides liquidity to both centralized and decentralized platforms.

In May, TRON founder Justin Sun named USDD collateralisation of $2 billion as the objective for the first phase. He said that, in the long run, the figure could reach $10 billion.

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