{"id":71211,"date":"2022-12-08T17:51:02","date_gmt":"2022-12-08T15:51:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71211"},"modified":"2025-09-08T07:08:02","modified_gmt":"2025-09-08T04:08:02","slug":"waves-falls-12-as-usdn-loses-peg-to-the-us-dollar","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/waves-falls-12-as-usdn-loses-peg-to-the-us-dollar\/","title":{"rendered":"WAVES Falls 12% as USDN Loses Peg to the US Dollar"},"content":{"rendered":"

Against the backdrop of the algorithmic stablecoin Neutrino USD (USDN) losing parity with the US dollar, the Digital Asset Exchange Alliance (DAXA) issued<\/a> a warning to investors about risks associated with the Waves platform.<\/p>\n

DAXA was founded<\/a> by the country\u2019s largest exchanges \u2014 Bithumb, Coinone, Korbit, Gopax and Upbit.<\/p>\n

\n

\u201cWe hereby inform you that Waves (WAVES) is flagged with an investment warning by DAXA. The association may jointly take steps such as urging caution, issuing an investment warning and ceasing market support to protect users,\u201d the statement said.<\/p>\n<\/blockquote>\n

In DAXA stressed that WAVES is used as collateral for USDN. The algorithmic lost<\/a> parity to the US dollar at the end of August and has yet to restore its peg.<\/p>\n

At the time of writing the asset trades near $0.86.<\/p>\n

\"Usdn\"
Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

Upbit will decide on a potential halt to trading in WAVES\/KRW and WAVES\/BTC pairs within two weeks of the warning\u2019s publication. The company added that the period may be extended. <\/p>\n

Over the past 24 hours WAVES has fallen 12%. As of writing the asset trades near $2.<\/p>\n

\"Wavesusdt_2022-12-08_17-23-29\"
Hourly chart of WAVES\/USDT on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Upbit is not the first to warn users about USDN-related risks. In July the exchange put into question<\/a> the effectiveness of the mechanism backing the asset\u2019s peg. The notice also noted USDD from the Tron ecosystem.<\/p>\n

The latter also trades below the peg. According to CoinGecko, at the time of writing its price is $0.98.<\/p>\n

As a reminder, in June 2022 the Tron team said it would modify USDD into an \u201cover-collateralized stablecoin\u201d<\/a>.<\/p>\n

Follow ForkLog\u2019s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Against the backdrop of the algorithmic stablecoin Neutrino USD (USDN) losing parity with the US dollar, the Digital Asset Exchange Alliance (DAXA) issued a warning to investors about risks associated with the Waves platform.<\/p>\n","protected":false},"author":1,"featured_media":71212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[807,1503,290],"class_list":["post-71211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-stablecoins","tag-upbit","tag-waves"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71211","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=71211"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71211\/revisions"}],"predecessor-version":[{"id":71213,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71211\/revisions\/71213"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71212"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}