In a recent move to simplify crypto transactions, Alchemy Pay, a leading fiat-crypto payment gateway, has forged a significant partnership with Decentralized USD (USDD), a pioneering decentralized stablecoin backed by mainstream digital assets. This collaboration aims to bridge the gap between the over-collateralized crypto and fiat, allowing users to purchase USDD with their local fiat currency easily.Â
Users Now Can Acquire USDD With Alchemy Pay’s Integration
Alchemy Pay, a frontrunner in the fiat-crypto payment gateway sphere, has unveiled a solid partnership with Decentralized USD (USDD), a decentralized stablecoin backed by mainstream digital assets.
The USDD stablecoin has captured the attention of the crypto community as the inaugural over-collateralized decentralized stablecoin. What sets USDD apart is its complete transparency and its backing by mainstream digital assets, setting a new standard for stability and trust in the market.
This addresses a critical issue that has long been a thorn in the side of the crypto market – the question of stability. By having a fully collateralized reserve of mainstream digital assets, USDD provides a level of security and dependability that investors and users alike have been craving.
In the initial phase of this partnership, Alchemy Pay seamlessly integrated the USDD token into its renowned Ramp platform. This move presents users with the opportunity to acquire USDD with their local fiat currency and traditional payment methods, marking a significant step towards the mainstream adoption of USDD.
But that’s not all – the impact of this collaboration is set to be far-reaching. Alchemy Pay and USDD have more in store. The partnership is slated to expand to include the integration of On-Ramp services in the near future. This marks a pivotal moment, as Alchemy Pay plans to extend its global footprint, enabling users worldwide (excluding the U.S.) to directly purchase the USDD token through the USDD website. The options presented are expansive, including familiar names like Visa, Mastercard, popular mobile wallets, and domestic bank transfers. This move seeks to bridge the gap even further, offering a wide array of avenues for individuals to engage with the revolutionary USDD stablecoin and expand its dominance in the stablecoin market.
USDD Aims To Become A Tough Competitor In The Market
As per the analysis conducted by Messari, the utilization of USDD within the Tron ecosystem is predominantly driven by DeFi protocols, with lending protocols alone accounting for more than 40% of its utility. The released report sheds light on how SunCurve and SunSwap, two prominent decentralized exchanges (DEXes) on the Tron network, have collectively controlled approximately 10% of the circulating supply of USDD.
Throughout the second quarter, there was a notable surge in the amount of borrowed liquidity, totaling an impressive 5 million USDD. Concurrently, substantial liquidity inflows were witnessed in lending protocols, with a substantial sum of 220 million USDD being deposited.
To wrap things up, it’s quite evident that the rapid growth of USDD can be attributed to the impressive strides made by the Tron network in the past few months. There’s a strong likelihood that USDD will ride the wave of the Tron network’s expansion.
