Justin Sun to earmark $2bn to safeguard USDD’s peg

Justin Sun увидел signs of an impending attack on the algorithmic stablecoin USDD, launched in May on the TRON network.

The head of the TRON Foundation pledged to allocate $2 billion via the TRON DAO Reserve to prevent USDD from losing its peg to the US dollar, as happened with TerraUSD (UST).

On May 11, there was a обвал котировок UST и LUNA. According to CoinGecko, at the time of writing the first asset was valued at $0.32 (at one point the drop reached $0.23), the second at $0.86 ($0.69).

Sun выразил уверенность that the actions he took would lead to the liquidation of shorts.

Meanwhile, the head of the TRON Foundation сообщил that Mirana Ventures has become the fifth participant in the TRON DAO Reserve. Previously, the organisation пополнили Alameda Research, Amber Group, Polomiex and Ankr.

As a reminder, on May 10 the TRON DAO Reserve приступила to its first operations in purchasing reserve assets. The organisation bought 500 BTC at an average price of $31,000 for more than $15.5 million. The acquisition of 595.7 million TRX cost the TRON DAO Reserve $45.6 million.

At the time of writing, the USDD issuance stood at the equivalent of $271 million. Since launch, price deviations in either direction have not exceeded 1%, according to CoinGecko.

The TRON team анонсировала запуск стейблкоина в конце апреля. The coin is backed by the native token of the TRON network and, purportedly, liquid assets totaling $10 billion.

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