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• USDD’s price dipped to $0.97 on major crypto trading platforms
Even as the cryptocurrency market still battles the onslaught triggered by the TerraUSD (UST) depeg, another stablecoin lost its peg to the US dollar on Monday, dipping to as low as 91 cents.
The Tron network’s stablecoin, decentralized USD’s (USDD) price dipped to $0.97 on major crypto trading platforms on Monday, causing fears and speculation within the community.
Tron founder Justin Sun tweeted on Monday that the funding rate on the Binance exchange for betting against, or "shorting," the Tron blockchain's native TRX token stood at negative 500%, a whopping rate that suggests many investors are clamoring to get into that trade.
Sun has gathered a reserve of bitcoin and other digital tokens worth close to $2 billion to provide a buffer in case investors flee en masse, reported CoinTelegraph.
USDD is an algorithmic stablecoin on Tron, a multipurpose smart contract blockchain, which is supposed to keep a one-to-one exchange rate to the U.S. dollar. It relies on an elaborate, automated balancing mechanism that involves alternately creating and destroying units of USDD and TRX.
Source - Twitter, CoinTelegraph
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