Another 'algorithmic' stablecoin has fallen below its $1 peg — but experts say it's not 'Terra 2.0'

Quick Summary

USDD, a so-called "algorithmic" stablecoin that's meant to always be worth $1, plunged as low as 93 cents on Sunday.

For one, USDD is nowhere near the scale of Terra, whose UST and luna tokens reached a combined value of $60 billion at their height.

USDD was created by Justin Sun, the outspoken crypto entrepreneur behind Tron, a blockchain that's trying to compete with Ethereum.

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Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: Internet Crypto Finance Cryptocurrency FinTech Bitcoin DXY US Dollar Currency Index Source:tagname:CNBC Europe Source Twitter Inc Cnbc Markets Articles Bitcoin/USD Bitstamp TerraUSD/USD Coin Metrics Technology

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Published On: 2022-06-22, 13:23:35

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Language: English

Reading Time: 5 minutes read

Article Length: 873 words

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