Bitcoin24h $112,659.25-1.81%

Ethereum24h $3,989.14-3.88%

XRP24h $2.60-1.67%

BNB24h $1,116.28-2.46%

Solana24h $193.62-3.04%

Dogecoin24h $0.1937-4.40%

TRON24h $0.2956-1.32%

Cardano24h $0.6441-4.13%

Hyperliquid24h $46.56-0.18%

Chainlink24h $17.70-3.87%

Justin Sun’s USDD has problems

USDD, the Justin Sun-founded stablecoin, has abandoned its DAO, rebuilt its collateral system, and has highly concentrated holdings.

61% of USDD collateral now in one vault — funded entirely by HTX

Justin Sun’s USDD is receiving most of its assets from HTX and is depositing them into new vaults launched without approval from a DAO.

USDD, a Justin Sun-affiliated stablecoin, purports to be governed by the TRON DAO Reserve, but in actuality, no DAO exists.

Justin Sun has announced that USDD 2.0 is launching soon, but details about what this new version will entail are sparse.

The spectacular failure of Terra has caused money to flee from algorithmic stablecoins and has seen many abandon their plans.