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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?