Bitcoin24h $94,665.97+1.52%

Ethereum24h $1,794.51+1.88%

XRP24h $2.19+0.33%

BNB24h $601.54-0.37%

Solana24h $151.02-0.36%

Dogecoin24h $0.1856+2.83%

Cardano24h $0.7197+1.40%

TRON24h $0.2435-0.10%

Sui24h $3.63+7.87%

Chainlink24h $15.05+0.64%

Justin Sun’s empire crumbles as USDD depegs again

Sun’s USDD is meant to stay priced at a dollar via a series of algorithmic mechanisms but it’s deviated 3% and currently trades for $0.97.

Justin Sun stored USDD reserves at HTX for proof-of-reserves

HTX has been including ‘collateral’ for the USDD algorithmic stablecoin in its reports, raising concerns about solvency.

With no recent capital injections or incentives for short-sellers, solving problems with USDD and USDJ doesn’t seem to be a priority for Sun.

Justin Sun’s stablecoin USDD has been unable to maintain a price of $1.00 ever since FTX and Alameda went bankrupt. What’s the deal?