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- Crypto exchange Huobi has lost a chunk of its market share in 2022.
- USDD continues to trade below the dollar peg, but analyst claim it can recover.
- Analysts also indicated heavy selling pressure on USDD.
New research claims that cryptocurrency exchange Huobi has seen an 18% decline in market share since 2020. Meanwhile, the exchange’s native stablecoin USDD has continued to trade below its dollar peg, forcing the exchange to face an “uphill challenge” as it tries to regain its former position. As of the last weeks of 2022, Huobi was said to have accounted for only 4% of the global exchange market, down from 22% in 2020.
The research conducted by the analysis platform Kaiko states that Justin Sun’s exchange remained “undoubtedly the biggest loser of the crypto bear market.” Kaiko adds that USDD has seen strong resistance despite claims by issuers that it is backed by a collateral ratio of more than 200% in the form of TRON’s native TRX, Bitcoin, USDC, and USDT.
The TRON DAO Reserve, also founded by Justin Sun, issues stablecoins on the TRON blockchain and ensures their value is stable against the US dollar. In the wake of FTX’s demise, Sun’s biggest problems emerged when USDD failed to restore its peg. Since then, it has consistently tra ...
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