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Justin Sun, founder of Tron, has addressed concerns following the removal of approximately 12,000 Bitcoin, valued at around $750 million, from the Tron DAO Reserve that backed the USDD stablecoin. This move means that USDD is no longer backed by Bitcoin. Instead, the stablecoin is now primarily supported by Tron's native token, TRX. The collateralization rate of USDD reportedly exceeds 300%, according to Sun, who reassured users that the stablecoin's stability remains intact despite the significant withdrawal. The Bitcoin removed from the reserve is now parked in HTX, while USDD's total supply stands at $745 million, with 98.8% backed by 10.93 million TRX, valued at $1.703 billion. The overall collateral sits at $1.723 billion.
FOLLOW-UP ARTICLE: Tron DAO Reserve's recent Bitcoin withdrawal raises questions. Justin Sun responds, highlighting USDD’s 300% long-term collateralization. More details: 🔗https://t.co/Lts52I8tqv https://t.co/muDO2XWyOA
The Daily Modern Market Snapshot: Fri 23 Aug Headlines 👉The Block reports Justin Sun stablecoin USDD no longer backed by BTC as $750M worth of BTC removed from Tron DAO reserve From @martypartymusic: "Tron founder Justin Sun reassured users that there is nothing to worry… https://t.co/4ER3VdK3Xy
JUSTIN SUN DEFENDS USDD STABLECOIN AMID 12,000 BTC WITHDRAWAL, CLAIMS 300% COLLATERALIZATION RATE - Tron founder @justinsuntron addressed concerns over the recent withdrawal of 12,000 Bitcoin from the Tron DAO Reserve’s USDD stablecoin. - The move, which removed approximately… https://t.co/H1yYr8Y3Se https://t.co/D999ouPOBn