The algorithmic stablecoin USDD plunged from its pegged value once again.
USDD is an algorithmic stablecoin that was developed by the Tron blockchain team and is reserved by TRX coin. TRX is a native coin on the Tron blockchain network. Justin Sun is the founder of the Tron crypto project. Justin is no longer in the crypto sector officially but remains available to promote his founded crypto companies’ services & achievements.
Today USDD stablecoin was trading at $0.96 which means 4% down from its $1 pegged value. The current trade value of USDD is $0.9781, which means it is down by 2.19% from its actual pegged value.
Justin Sun, Tron founder, responded to this situation and said that USDD stablecoin is fully reserved for 200% and users can check it online individually. In short, he tried to convince the USDD users to remain away from any kind of financial loss tension.
Earlier in mid-June of this year, USDD plunged by approximately 2% from its pegged value. At that time, the majority of the crypto investors were in fear because the crypto community saw the collapse of the TerraUSD stablecoin downfall.
Justin Sun is the founder & owner of many crypto projects. Last month, few reports claimed he is now the core owner of the Huobi Global exchange but he denied all such reports and said that he was hired by Huobi Global as a board member.