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- Tron continues to move towards internet decentralization through blockchain technology and decentralized apps (DApps).
- May 2022 proved to be a great month for TRON, as it rolled out USDD and gained support from various crypto entities.
- TRX is currently trading at $0.07924 and is down by around 7% in the last twenty-four hours.
Crypto market was wobbling, but TRON stayed On Surface!
The month of May proved to be a remarkable one for TRON (TRX), as it achieved various milestones in just a few weeks. One of the major factors can be the collateralized decentralized stablecoin USDD on Tron.
USDD was rolled out just a month ago, on May 5, and it made its position among the top 100 crypto assets within just 16 days.
Whereas Tron has considerably reached and maintained the third position among all public chains by Total Value Locked (TVL). According to Defillama, Tron’s current TVL is around $5 Billion.
And TRX stands at the 13th position by market cap. TRX is trading at $0.07924 with a market cap of $7,386,991,317 and is down by around 7% in the last twenty-four hours.
Another reason for Tron to have a great month can be that TRX is witnessing significant backing from primary asset management firms. For instance, one of the top global digital assets and crypto infrastructure platform, Fireblocks.
Recently the company announced its support for TRX and all TRC-20 tokens of the Tron blockchain on its digital asset platform.
Furthermore, a subsidiary of Deutsche Börse, Crypto Finance, also announced its support for TRX storage, trading, custody, and making the coin available to the network of its parent company.
Tron DAO Reserve has also onboarded several blockchain institutions like Amber Group, Alameda Research, Ankr, Mirana, Multichain, TPS Capital, etc.
The stablecoin USDD is trading on significant lending platforms and crypto exchanges like Kucoin, PancakeSwap, SunSwap, Huobi, KyberSwap, JustLend, etc.
Although the overall crypto market has seen a lot of bearish trends lately, USDD gained considerable support, even though TerraUSD (UST) fell, raising skepticism even in the stablecoin space. To conclude, let’s see how Tron, USDD, and the entire crypto market continue to perform in the future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
