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Benzinga

Business

Shiv Juneja

Tron's Stablecoin USDD De-Pegs, DAO Distributes Another $500 Million To Protect Peg

Tron DAO United States Justin Sun

On June 15, stablecoin USDD (CRYPTO: USDD) broke its peg to the U.S. dollar and touched $ 0.9582. Consequently, Tron (CRYPTO: TRX) fell to $ 0.048.

What Happened: Tron’s native stablecoin USDD works as an algorithmic stablecoin while being collateralized by Tron, Bitcoin (CRYPTO: BTC) and Tether (CRYPTO: USDT). With a circulating supply of $723 million, Tron founder Justin Sun had recently ensured USDD to be collateralized with $1.37 billion USD worth of Tron, Bitcoin and Tether.

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