tl;dr
The USDD stablecoin, issued by the TRON DAO Reserve, has lost its Bitcoin backing, with 12,000 BTC removed from its collateral address. As a result, USDD is now primarily backed by TRX, the native token of the Tron blockchain. Tron founder Justin Sun stated that the move was made without any officia...
The USDD stablecoin, issued by the TRON DAO Reserve, has lost its Bitcoin backing, with 12,000 BTC removed from its collateral address. As a result, USDD is now primarily backed by TRX, the native token of the Tron blockchain. Tron founder Justin Sun stated that the move was made without any official action by the TRON DAO and emphasized plans to upgrade USDD in the future. USDD, which is pegged to the U.S. dollar, has a market cap of around $744 million and ranks 96th among cryptocurrencies by market cap. TRX, the source of its primary backing, has surged in value recently and holds a top 10 position excluding stablecoins. The Tron ecosystem has surpassed Solana to become the second-largest blockchain by TVL. The USDD stablecoin, issued by the TRON DAO Reserve, has lost its Bitcoin backing with the removal of 12,000 BTC from its formerly listed collateral address. Without the Bitcoin, worth around $726 million, USDD is now primarily backed by TRX, the native token of the Tron blockchain. Tron founder Justin Sun plans to upgrade USDD in the future to make it a more competitive decentralized stablecoin in the market. His declaration of the DAO’s plans did not address whether the ostensibly decentralized organization was involved in the change. USDD was originally an algorithmic stablecoin, but it was then converted into a hybrid model where it would be backed by collateral including Bitcoin, TRX, USDT, and USDC. The market cap of USDD, pegged to the U.S. dollar, is around $744 million, ranking 96th, and was recently surpassed by a new stablecoin from PayPal. TRX, now the source of its primary backing, is more volatile, holding on to a top 10 spot excluding stablecoins. The Tron ecosystem recently surpassed Solana to be the second-largest blockchain by TVL, with $8.2 billion across more than 30 different decentralized finance protocols.