Cryptocurrencies Stablecoin Tether slips below USD peg rate as FTX contagion spreads
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The move prompted Justin Sun’s Tron DAO Reserve to announce the purchase of an additional $700 million from USDT to help restabilize market sentiment toward the stablecoin, bringing its total Tether holdings to $1 billion. Tron DAO affirmed that their new USDT stake will be held on centralized exchanges, a move seen as intending to show support for the beleaguered CEX’s during the FTX liquidity crisis.
Tether also released their own statement affirming that they have no exposure to FTX or to Alameda Holdings, its affiliated trading firm. “Tether tokens are 100% backed by our reserves, and the assets that are backing the reserves exceed the liabilities,” the firm said. “The vast majority of Tether's reserves are now U.S. Treasuries” which puts them in “a strong position to navigate any volatility that may come,” Tether added.
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Tron [TRX]: USDD de-peg, FTX collapse, and everything that might affect youTron’s stablecoin USDD de-pegged following significant USDD conversions to USDT and USDC TRX has since recorded massive coin distribution leading to a further price decline amid the FTX debacle Amid the general cryptocurrency market’s decline due to the collapse of FTX, Tron’s [TRX] algorithmic stablecoin Decentralized USD (USDD) fell from its $1 peg. Read Tron’s […]
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