Tron’s stablecoin USDD loses dollar peg on suspected selloff by Alameda Research
Cointelegraph
Published Nov 10, 2022 06:11AM ET
Updated Nov 10, 2022 08:00AM ET
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.
But 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, USDD’s price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10.
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Written By: Cointelegraph
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