NewsletterBreaking: Justin Sun’s USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped
Justin Sun’s algorithmic stablecoin USDD depegs again and falls to $0.96. Tron blockchain’s native algorithmic stablecoin failed to repeg against the US dollar following the collapse of crypto exchange FTX. As a result, Tron (TRX) fell over 2% in an hour and 5% in the last 24 hours.
USDD Algorithmic Stablecoin Falls To $0.96
Tron founder Justin Sun’s algorithmic stablecoin continues to depeg, with a fall to $0.96 on December 12. USDD stablecoin is falling against the US dollar in December and suddenly fell to $0.9673 today.
Over $4 million USDD liquidity was removed from Curve Finance a few hours ago, which counts over 12.83% of the total pool share. USDD/3CRV liquidity pool of Tron’s USDD on Curve has been severely tilted, with USDD accounting for 86.1%.
Etherscan data reveals Justin Sun transferred millions in TUSD in an effort to repeg USDD. The USDD stablecoin suddenly jumped from $0.970 to $0.976, but it still remains depeg. One transaction was revealed by Justin Sun in a tweet saying “Deploying more capital – steady lads.”
As a result of the USDD depegging, Tron (TRX) price also dumped over 2% in just a few hours. The TRX price is trading at $0.05236, down nearly 5% in the past 24 hours.
USDD Depeg During FTX Crisis
During the FTX crisis, Tron blockchain USDD stablecoin depegged to $0.97. Justin Sun blamed Alameda for selling USDD to cover liquidity at FTX. However, on-chain data revealed that USDD algorithmic stablecoin selloff by whales caused the stablecoin to depeg.
Tron DAO Reserve manages supply and collateral for USDD algorithmic stablecoin. According to Tron DAO Reserve data, USDD total collateral backed by TRX, Bitcoin, stablecoins USDT and USDC has dropped to $1.45 billion. The collateral ratio has also dropped below 200 today.
Also Read: How Alameda-Genesis Relationship Risks DCG Bankruptcy?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Toncoin (TON), Plasma (XPL) Rebound as Coinbase Announces Listing
- Hyperliquid Pool Sees $4.9M Loss Amid POPCAT Whale Market Exploit
- SUI Network Gets Major Boost From $100M Astro Perp DEX Success and Stablecoin Launch
- Nasdaq Certifies Canary Capital XRP ETF for Trading Ahead of Milestone Launch Today
- Breaking: President Donald Trump Signs Bill to End Government Shutdown, Bitcoin Bounces
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
- XRP Price Shows Early Signs of Recovery Ahead of the First U.S. XRP ETF Debut—Rally Ahead?
- Will XRP, DOGE And ADA Surge After U.S. Government Shutdown Resolution?
- FUNToken is Trending Sideways Ahead of the $5M Giveaway: Is It Accumulating?
- Death Cross Triggers Sell Signals for Cardano Price— Will ADA Retest $0.50?
- Sui Price Set for a $5 After Launch of USDsui Native Stablecoin
