Key Insights

• Despite falling transaction volume of USDD, the number of holders consistently remained above 130,000 in Q1’23.
• The on-chain stablecoin reserves for USDD have now been entirely removed, leaving only BTC and TRX deposits to back the stablecoin. The non-TRX on-chain collateral ratio is 0.55, and the collateral ratio including TRX is 1.54.
• Despite a more volatile quarter for most stablecoins, USDD actually had one of its least volatile quarters. However, it continued to trade below peg and ended the quarter making up 79% of the USDD/3CRV pool on Curve.
  
  

Read the full report here: 
https://messari.io/report/state-of-usdd-q1-2023