As a seasoned crypto investor with over a decade of experience navigating the volatile digital currency market, I find myself once again treading cautiously amidst the latest development involving USDD and HTX exchange. Having witnessed the rise and fall of numerous altcoins and stablecoins, I’ve learned to keep a discerning eye on such moves.
The cryptocurrency platform HTX plans to eliminate some trading options involving USDD. They recommend that users cancel any outstanding orders related to these pairs and consider using alternative ones instead.
HTX, previously known as Huobi, plans to remove several USDD trading options in the coming weeks following worries about the stability of this coin and substantial collateral withdrawals made by the TRON Decentralized Autonomous Organization (DAO) Reserve.
On September 9th, the trading platform announced that it will take down 14 trading options on September 12th. These include DOGE/USDD, NEAR/USDD, USDD/USDC, and EOS/USDD, among others. The platform encourages users to withdraw any pending orders and explore other available trading pairs instead. While the exact reasons for suspending these trading options were not explained, the platform mentioned that this move aims to enhance the overall user experience.
As a seasoned crypto enthusiast with years of experience in this dynamic industry, I’ve witnessed numerous shifts and changes in the digital asset landscape. The recent move by Justin Suntron to restructure his USDD collateral is one such event that has caught my attention.
— Symbio (@NoCryptFish) August 21, 2024
The action takes place under continued apprehension about USDD, especially after significant modifications by the TRON Decentralized Autonomous Organization (DAO) Reserve. In late August, the reserve removed approximately $750 million in Bitcoin (BTC) supporting USDD, causing increased attention. After this withdrawal, the stablecoin primarily depends on TRX, which is TRON’s native token.
In relation to USDD, a decentralized stablecoin, its functioning resembles that of MakerDAO’s DAI and it’s not complex. If your collateral value surpasses the system-defined threshold (typically between 120% – 150%, depending on the vault), any user with collateral can withdraw funds freely, without restriction.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) August 22, 2024
TRON founder Justin Sun defended the move, explaining that the previous collateralization rate of over 300% was not “very efficient.” He further assured users of USDD’s stability, highlighting that the stablecoin’s mechanism, similar to MakerDAO’s (DAI), allows for collateral withdrawals when it surpasses the system’s requirements.
Read More
Sorry. No data so far.
2024-09-09 12:46