Another algorithmic stablecoin lost its peg, this time it is USDD. Launched by TRON only a month ago, USDD lost its peg as heavy selling across the top cryptocurrencies has persisted.
Justin Sunday, Founder of the TRON Foundation announced that 700 million USDC will be injected to defend the peg. Additionally, $2 billion were to be deployed and ‘funding rate of shorting #TRX on Binance is negative 500% APR.’
source: twitter
TRON DAO Reserve also announced the measures it has taken to fight off the de-pegging of USDD:
‘To safeguard the overall blockchain