{"id":16310,"date":"2024-08-22T13:10:51","date_gmt":"2024-08-22T10:10:51","guid":{"rendered":"https:\/\/forklog.com\/en\/tron-removes-12000-btc-from-usdd-reserves\/"},"modified":"2024-08-22T13:10:51","modified_gmt":"2024-08-22T10:10:51","slug":"tron-removes-12000-btc-from-usdd-reserves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tron-removes-12000-btc-from-usdd-reserves\/","title":{"rendered":"Tron Removes 12,000 BTC from USDD Reserves"},"content":{"rendered":"<p>The team behind the algorithmic stablecoin USDD within the Tron ecosystem has quietly removed an address holding approximately 12,000 BTC (~$716 million) from the asset&#8217;s reserves. This was highlighted by on-chain researcher Symbio.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">lmao <a href=\"https:\/\/twitter.com\/justinsuntron?ref_src=twsrc%5Etfw\">@justinsuntron<\/a> silently removed the 12.000 btc as USDD collateral recently and it&#8217;s now 100% backed by tron (except for 20mil. usdt).<\/p>\n<p>This was the address: 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj<\/p>\n<p>\u2014 Symbio (@NoCryptFish) <a href=\"https:\/\/twitter.com\/NoCryptFish\/status\/1826085314219147667?ref_src=twsrc%5Etfw\">August 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On August 19, 4,000 BTC were withdrawn from the wallet identified by the expert in three transactions. At the time of writing, its balance <a href=\"https:\/\/bitinfocharts.com\/ru\/bitcoin\/address\/1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj\">stands at<\/a> 7,885 BTC.<\/p>\n<p>USDD was launched on May 5, 2022, amidst the success of the <a href=\"https:\/\/forklog.io\/chto-takoe-terra\/\">UST stablecoin<\/a>. Following the collapse of the coin from Terraform Labs, the team shifted to an &#8220;over-collateralization&#8221; model. According to Tron founder Justin Sun, the foundation was intended to consist of &#8220;stable and volatile assets.&#8221;<\/p>\n<p>Initially, the reserves included Tron tokens (TRX), bitcoins, and USDT. It was intended that their volume would be at least 120% of the total value of USDD.<\/p>\n<p>As of August 22, the coin&#8217;s capitalization <a href=\"https:\/\/usdd.io\/#\/\">amounts to<\/a> $744.25 million, with collateral totaling ~$1.7 billion (228%). However, except for 18.9 million USDT, the stablecoin&#8217;s reserves almost entirely consist of 10.9 billion TRX (~$1.68 billion).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"545\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/USDD-Decentralized-Stablecoin-Protocol-Google-Chrome-1024x545.jpg\" alt=\"USDD-Decentralized-Stablecoin-Protocol-Google-Chrome\" class=\"wp-image-239459\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/USDD-Decentralized-Stablecoin-Protocol-Google-Chrome-1024x545.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/USDD-Decentralized-Stablecoin-Protocol-Google-Chrome-300x160.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/USDD-Decentralized-Stablecoin-Protocol-Google-Chrome-768x408.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/USDD-Decentralized-Stablecoin-Protocol-Google-Chrome.jpg 1241w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: USDD.<\/figcaption><\/figure>\n<p>As of the end of July, 741 million USDD were <a href=\"https:\/\/medium.com\/@usddio\/usdd-monthly-report-july-2024-b55fcbde29b4\">backed by<\/a>:<\/p>\n<ul class=\"wp-block-list\">\n<li>10.9 billion TRX;<\/li>\n<li>12,435 BTC;<\/li>\n<li>15.7 million USDT.<\/li>\n<\/ul>\n<p>The total amount of assets was $1.68 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"581\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/0_7HKED30jylAFjBIq-1024x581.jpg\" alt=\"0_7HKED30jylAFjBIq\" class=\"wp-image-239460\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/0_7HKED30jylAFjBIq-1024x581.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/0_7HKED30jylAFjBIq-300x170.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/0_7HKED30jylAFjBIq-768x436.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/0_7HKED30jylAFjBIq.jpg 1047w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: USDD.<\/figcaption><\/figure>\n<p>Upon launch, USDD was positioned as a decentralized asset governed by the community. Throughout the coin&#8217;s existence, the corresponding <a href=\"https:\/\/usdd.io\/#\/vote\">page<\/a> has recorded a single DAO vote in May 2023. It concerned the use of &#8220;burnable&#8221; TRX in the stablecoin&#8217;s reserves. The proposal was eventually accepted.<\/p>\n<p>Sun published a post regarding USDD but did not comment on the disappearance of bitcoins from the reserve fund.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Regarding the decentralized stablecoin USDD, its mechanism is similar to MakerDAO&#8217;s DAI and is not mysterious. When your collateral exceeds the amount specified by the system (usually between 120%-150% depending on the vault), any collateral holder can withdraw any amount freely\u2026<\/p>\n<p>\u2014 H.E. Justin Sun \u5b59\u5b87\u6668(hiring) (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1826537914173718893?ref_src=twsrc%5Etfw\">August 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He acknowledged that a collateral ratio of &#8220;over 300%&#8221; represents &#8220;not very efficient use of capital.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;TRON DAO Reserve plans to spend time in the future upgrading USDD to make it a more competitive decentralized stablecoin in the market,&#8221; stated the founder of Tron.<\/p>\n<\/blockquote>\n<p>Sun noted that the USDD reserve mechanism is similar to MakerDAO&#8217;s DAI, which he called the &#8220;gold standard&#8221; for DeFi.<\/p>\n<p>Earlier, on August 15, the MakerDAO community voted to cease issuing loans against &#8220;wrapped&#8221; bitcoin WBTC following news of the coin coming under the control of an enterprise involving Sun.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team behind the algorithmic stablecoin USDD within the Tron ecosystem has quietly removed an address holding approximately 12,000 BTC (~$716 million) from the asset&#8217;s reserves. This was highlighted by on-chain researcher Symbio. lmao @justinsuntron silently removed the 12.000 btc as USDD collateral recently and it&#8217;s now 100% backed by tron (except for 20mil. usdt). [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1302,807,951,1660],"class_list":["post-16310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-justin-sun","tag-stablecoins","tag-tron","tag-usdd-stablecoin"],"aioseo_notices":[],"amp_enabled":true,"views":"40","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16310"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16309"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}