Troubled stablecoin USDD is sliding further away from its targeted $1 peg Wednesday morning amidst further crypto turmoil that is seeing bitcoin threaten to fall below $20,000.
USDD is sliding further away from its targeted $1 peg Wednesday morning amidst further crypto turmoil that is seeing bitcoin threaten to fall below $20,000 for the first time since December 2020.As of 7:15 ET, USDD is priced at $.97 on Poloniex, a slight recovery from a dip below $.95 earlier this morning.
In this scenario, traders would be able to glean a 3% profit on each trade until the peg returns. However, the longer that this divergence persists the less faith that users and traders will have in the system. Something similar happened to USDD’s algorithmic predecessor, Terra USD , which saw the supply of its sister LUNA token explode to more than 6.5 trillion from 340 million in a matter of days.
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