USDD stablecoin falls to $0.97, DAO inserts $700M to defend the peg

USDD stablecoin falls to $0.97, DAO inserts $700M to defend the peg


While the market has not yet fully recovered from the onslaught caused by the TerraUSD (UST) depeg, another stablecoin project shows signs of distress, causing fears and speculation within the community. 

Stablecoin protocol USDD’s price dipped to $0.97 on major crypto trading platforms on Monday. Because of this, the market started to keep an eye on the project with fears that the project will follow the footsteps of Terra (LUNA). CurveSwaps, a bot that monitors large asset transfers flagged that $1 million USDD was recently swapped to 997,339 Tether (USDT).

On the other hand, blockchain analytics platform Nansen has also detected that one of the funds that capitalized on the UST depeg has started actively transferring larger amounts of USDD and other stablecoins. Nansen_intern tweeted:

Oapital

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