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FTX Crisis: Justin Sun’s Algorithmic Stablecoin USDD Depegs

Tron founder Justin Sun looks to work on a “wholistic solution” to save FTX from the liquidity crunch.

Meanwhile, on-chain data suggested algorithmic stablecoin USDD has started to depeg suddenly and is now trading at $0.974.Justin Sun earlier responded that probably Alameda is selling USDD to cover liquidity at FTX. Now, he says it’s “basically panic sell on Ethereum blockchain.”

According to on-chain data, USDD algorithmic stablecoin selloff by whales caused the stablecoin to depeg. On November 8, a whale swapped 4.49 million USDD for 4.46 million USDT at a ratio of 0.9935. As a result, USDD lost its peg and fell to $0.983.

Tron DAO Reserve just announced to purchase total 1 billion USDT in order to increase its USDD collateral. In a prior tweet, Tron DAO Reserve stated to purchase $300,000,000 USDT to safeguard the overall blockchain industry and crypto market.

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