South Korean exchange Upbit warned of risks for TRX and WAVES tokens
The platform’s representatives believe that coins may be unstable because of the loss of the peg to the dollar of their algorithmic stablecoins
14.06.2022 - 10:45
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What’s new? Upbit, one of the largest cryptocurrency exchanges in South Korea, has issued a warning about possible risks associated with TRON(TRX) and Waves (WAVES) tokens. The platform believes that asset rates may be volatile as the associated algorithmic stablecoins, USDD and USDN, have lost their peg to the US dollar. The exchange probably fears a repeat of the situation with the collapse of the Terra (LUNA) token and its UST stablecoin.
Stablecoin situation. On June 13, USDD temporarily lost its peg to the US dollar and dropped to $0,97. The algorithmic stablecoin Neutrino USD (USDN) also began to lose its peg, dropping to a low of $0,89 on June 10.
As of June 14, 10:40 UCT, USDD is trading at $0,98 and USDN is trading at $0,96, according to Binance. Meanwhile, WAVES is trading at $4,94, having gained 5,59% in the last 24 hours. The TRX token, on the other hand, lost 6,13%, falling to $0,06.
Earlier, TRON developers announced a new “over-collateralized” model for the USDD stablecoin. According to the network’s founder Justin Sun, this decision should protect the asset from the collapse that happened with Terra. The reserve amount for USDD will be set at 130% of the total amount of coins issued.
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