Decentralized USD (USDD) fell to as low as 91 cents on crypto exchanges early Monday as crypto markets crashed in the wake of the latest liquidity crisis, sndr_krisztian reports.
that it suspended all withdrawals and transactions to prevent a run on deposits. It is the latest sign of a liquidity crisis in crypto, driven by a worsening economic environment around the globe and central banks hiking interest rates and draining excess liquidity from the financial system in an attempt to fight persistently high inflation.
USDD fell to as low as 91 cents Monday morning on the crypto exchange KuCoin, indicating a 9% drop from its supposed peg, according toAccording to the official TronDAO, USDD’s collateral stands at $2 billion, while USDD’s supply in circulation is $723 million, suggesting that it holds enough capital to prop up the stablecoin by using reserves to buy USDD.
At press time, USDD was changing hands around 99 cents but still had not recovered its dollar peg. TRX, the twin token of the stablecoin, dropped 17% in the last 24 hours.
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