Market Maker Wintermute Is Approved To Mint and Burn USDD
Algorithmic trader Wintermute has become the ninth member of TRON DAO Reserve behind the USDD algorithmic stablecoin. The firm gained the ability to mint and burn USDD. Wintermute will also be advising the development organization of 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 the TRON, Ethereum and BNB Chain networks. TRON DAO Reserve noted that they recognized the price elasticity of USDD against the dollar in the face of the market crash. According to the representatives of the project, the bet on the “over-backing” of the asset contributed to the successful stabilization of prices.
Wintermute is an established player in the crypto market with an average daily trading volume of over $5 bln. The company supports OTC trading, provides liquidity to both centralized and decentralized exchanges.