Tron’s stablecoin USDD loses dollar peg on suspected selloff by Alameda Research
Wallets associated with Sam Bankman-Fried’s Alameda Research could be behind the dollar depeg, alleges Tron’s founder. In April 2022, the Tron network launched USDD, a token pegged to the United States dollar as an “over-collateralized stablecoin,” meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation.USDD stablecoin slips below $1 pegBut it was not enough to keep USDD’s price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later,....
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Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.”
USDD Trades Below $1 for an Entire Week
USDD has been trading for lower than a U.S. dollar for over a week and on....
Tether follows Tron’s USDD stablecoin in coming unstuck amid suspicions of shorting involving FTX and Alameda Research. Bitcoin (BTC) and crypto markets saw fresh volatility on Nov. 10 after stablecoin Tether (USDT) unpegged from the United States dollar.USDT/USD 1-day candle chart (Binance US). Source: TradingViewTether executive: “No issues” with USDTData from Cointelegraph Markets Pro and TradingView showed USDT hitting lows of $0.971 on Bitstamp on the day amid fears that the largest stablecoin by market capitalization may fall further. Those fears were stoked by evidence of embattled....
On April 21, Justin Sun, the founder of Tron, announced the launch of a decentralized algorithmic stablecoin called USDD. Sun said on Thursday that the USDD Network will “provide custody service for the $10 [billion] worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve.” Tron to Launch a Native Stablecoin Called USDD Justin Sun from the Tron network has revealed a new stablecoin issued on top of the blockchain Tron. The announcement was also published on hejustinsun.com in a blog post called “An Open Letter on....
Between June 13 and June 27, or roughly two weeks, Tron’s stablecoin USDD dropped lower than the $1 parity and slipped to a low of $0.928 per unit on June 19. During the past seven days, USDD has managed to jump back to the $0.98 to $0.99 region while reaching $1 on July 3.
Tron’s USDD Stablecoin Climbs Back Above $0.98 per Unit
The stablecoin USDD, issued on top of the Tron network, saw its value slip below the typical $1 parity it held prior to June 13. Prior to that day, the stablecoin’s chart looked similar to an electrocardiogram flatline holding a....
Tron’s stablecoin USDD has remained below the $1 parity for well over 24 hours and around 3:00 a.m. (ET), USDD hit a low of $0.958 per unit. The Tron DAO Reserve has deployed more tron tokens and USDC to defend the peg and the DAO’s reserve web page shows the coin is overcollaterized by 314% at the time of writing. Tron’s USDD Has Been Unable to Surpass $0.98 During the Past 24 Hours The stablecoin USDD, issued on the Tron blockchain, is an algorithmic stablecoin that also leverages overcollateralization to hold a $1 peg. However, USDD has not been able to keep the $1....