HomeNEWSTron CEO deploys more capital to stop USDD from slipping further

Tron CEO deploys more capital to stop USDD from slipping further

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In the early hours of today, Justin Sun announced that he had swapped about $773,000 worth of USDD stablecoin. In a tweet, the Tron CEO revealed the transaction data that indicated how he swapped $203,000 USDC and $570,000 USDT for the USDD stablecoin.

Before the recent intervention from the Tron CEO, the stablecoin has suffered a sharp decline. Since the end of October, the USDD stablecoin has traded below its 1:1 dollar peg. The situation struck a major height today as the price of the stablecoin dropped to its lowest point ever of $0.97.

Notably, the stablecoin has recovered positively following the intervention of the Tron CEO. Currently, the stablecoin has a market capitalization of $711 million which makes it is the eighth-largest stablecoin. Furthermore, the intervention of the Tron CEO is likely to rescue the situation owing to the influence of Justin Sun in the crypto space.

Meanwhile, following the collapse of Terra, Tron attempted to modify its USDD stablecoin to avoid similar issues. Now, the sharp decline of USDD is pointing to something similar. However, the intervention of Tron’s CEO may help avert the crisis.

Since the collapse of Terra in May, Tron has attracted numerous Decentralized Applications. As it stands, the blockchain has toppled the likes of Solana and Avalanche. In the DeFi space, Tron currently seats third behind Ethereum and BNB Chain.

Tron CEO growing impact

Following the collapse of FTX, Justin Sun the CEO of Tron rose to prominence due to his role in assisting to minimize the impact of the crisis. The CEO offered help to assist holders of TRX, BTT, JST, SUN and HT to swap assets from FTX 1:1 to an external wallet.

Notably, the development came in form of a special facility that aided users to withdraw the assets listed above. The opportunity to withdraw the assets became available at 18:30 UTC, on November 10, 2022. Also, the Tron CEO got an offer from Sam Bankman-Fried to provide a credit facility to save the situation.

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