Hedge fund Oapital, which has profited from the collapse of UST from Terra, has started to make large transfers in USDD and other stablecoins, the specialists of analytical company Nansen have noted. According to them:
“It doesn’t look very good.”
The algorithmic stablecoin of the Tron team briefly lost its peg to the US dollar yesterday amid the generalized market decline. The price of the asset dropped to $0.97. However, it later recovered.
On June 12, an analyst under the nickname Res noted TRON DAO Reserve is converting USDD reserves from a stablecoin into volatile Bitcoin and the network’s native token TRX. He said:
“If $BTC & $TRX keep dropping in price while $USDD supply increases, the risk of higher undercollateralization becomes even more worrisome.”
