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.
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.
The post Breaking: Justin Sun’s USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped appeared first on CoinGape.