Justin Sun’s USDD Stablecoin Swaps Bitcoin for TRX as Primary Backing

ccn.comPublished on 2024-08-23Last updated on 2024-08-23

Key Takeaways

  • USDD has removed $750M Bitcoin from its reserves, raising concerns about centralization and potential risks.
  • The stablecoin is now primarily backed by TRX, and its collateralization ratio is under scrutiny.
  • The Tron DAO Reserve plans to upgrade USDD to increase market competition, but questions remain about its governance and transparency.

The USDD stablecoin, managed by the TRON DAO Reserve, has overhauled its collateral composition, changing  what backs its value.

The reserve has withdrawn 12,000 Bitcoin (BTC) – valued at approximately $726 million – from its holdings, effectively replacing the cryptocurrency with TRX, the native token of the Tron blockchain, as the primary collateral.

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