Justin Sun announces 200% collateral of the USDD stablecoin
The founder of TRON called for checking data on the blockchain
12.12.2022 - 15:15
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What’s new? Amid the loss of parity to the dollar by the algorithmic stablecoin Neutrino USD (USDN), TRON blockchain CEO Justin Sun posted a tweet claiming 200% collateral on the USDD stable coin he issues. According to Sun, any user can check real-time data on the blockchain.
In case anyone ask about #USDD, it is 200% collateralized ratio on https://t.co/bQwdLAEw0B. You can check all live data on blockchain 24*7. 😎 pic.twitter.com/whbJrKpMoh— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) December 12, 2022
What else is known? In response to Sun’s call to verify the data, members of the crypto community began posting denials about the 200% collateral. Thus, a user under the nickname droidfate counted only 166,3%, calling on the TRON founder to explain.
Hi @justinsuntron, I did check it and I didn't get a number close to 200%:https://t.co/hhqbP7ry2HMaybe you can explain this so everyone is clear?— droidfate (@droidfate) December 12, 2022
A panelist under the nickname YJKim_Crypto wrote that Sun is misleading users because the real value of TRON’s (TRX) native tokens in the collateral of the stablecoin is only $476,8 million, not $725,3 million, as stated on the site.
Hmmm the https://t.co/Lt4xJduEU8 claims that 8,997,566,086TRX worth $ 725,332,043 but actual value of it is $476,871,002 assuming 1 trx = $0.053You guys need to correct the number. 200% collateralized is misleading— YJ (@YJKim_Crypto) December 12, 2022
On June 13 and November 10, the algorithmic stablecoin USDD lost parity to the dollar and was momentarily down to $0,97 on both occasions. As of December 12, 14:15 UTC, the asset ranks 57th in the cryptocurrency ranking with a capitalization of $710,7 million, the rate is $0,979659 (+0,7% overnight), according to aggregator CoinGecko.
For more details on algorithmic stablecoins, see GetBlock Magazine’s article.
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