These Two Stablecoins Are De-pegging As Crypto Markets Crash
TRON’s newly launched stablecoin, USDD, and Waves’ USDN have both depegged amid the recent crypto crash.
The two tokens have attracted increased after the recent collapse of TerraClassicUSD, given that they are algorithmic stablecoins that operate similarly to UST.
Crypto exchanges warn against USDD and USDN
Upbit, which is the largest crypto exchange in South Korea has issued a notice of caution against the possible risks related to TRON and WAVES’s algorithmic Stablecoins, respectively. USDD and USDN have de-pegged from their fixed US dollar value. The TRON’s USDD went on to touch its all time low of $0.9757. While WAVES’s Neutrino USD touched its low at $0.78 back in April.
Looking at the current market conditions, Upbit mentioned that there is a probability of price fluctuations among the mentioned stablcoins. It added that its de-pegging value may increase, so be careful about investing in WAVES and TRX. However, it mentioned that Upbit will be monitoring the algorithmic stable tokens and other digital assets.
This update has come amid the increased scrutiny of stablecoin among the global regulators. The watchdogs are proposing bills to protect stable tokens and other cryptocurrencies. Meanwhile, the Upbit crypto exchange was called by the South Korean government in an investigation related to the historic Terra LUNA collapse.
Stablecoins are not stable
The stablecoins total market cap has slumped to stand at $158.2 billion at the moment. The fastest growing stable token amid the last month’s collapse, USDD is trading at an average price of 0.979. It has a total circulation of 723 million tokens. However, Justin Sun, founder of TRON, announced that 700 million worth of USDC tokens has been injected to defend USDD’s value. Meanwhile, the TRX token’s value has dropped over 23% in the past 7 days. It is trading at an average price of $0.061.
The WAVES’s USDN has managed to cover its recent collapse. However, it is still trading lower than the offered value. Its price stands at $0.96. Earlier, its team announced a revival plan to regain its dollar value.
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