Justin Sun Reveals $750 Million Bitcoin Transaction: No Longer Supported!
TRON founder Justin Sun's statements about $750 million worth of Bitcoin have become a hot topic.
Tron founder Justin Sun announced that the USDD stablecoin is no longer supported by Bitcoin, warning users not to worry.
Tron DAO Reserve withdrew approximately $750 million worth of Bitcoin that was collateralized by USDD on Wednesday. The algorithmic stablecoin USDD, which was launched in 2022 as a competitor to Terra's UST token, is now mainly supported by Tron's native token TRX.
Users also drew attention to the fact that the announcement about USDD collateral was made from Justin Sun's personal account instead of the Tron DAO Reserve. To date, DAO members have only voted on one issue, the use of TRX tokens burned in May 2023.
Last year, Bluechip, which described itself as the âMoodyâs of stablecoins,â gave USDD its lowest stability rating, criticizing the tokenâs heavy reliance on TRX and lack of transparency. Bluechip stated that USDD does not have a governance system and that USDD holders have no legal or code-based protection, leaving them at the mercy of the Tron DAO Reserve.
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