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Why Did USDR Stablecoin Fall to $0.53 Amid Rush of Redemptions? 📉
#USDR stablecoin, backed by real estate and digital assets, experienced a sharp drop to $0.53 due to a rush of redemptions that drained its treasury of liquid assets like DAI.
Despite the 50% value loss, the project team assures that it's a #temporary liquidity issue, and they have real assets to support redemptions.
Stablecoins aim to be worth $1 but can lose their #peg under extreme market conditions, as seen with USDR and other stablecoins like USDC and UST.
#Binance
#crypto2023
#USDR stablecoin, backed by real estate and digital assets, experienced a sharp drop to $0.53 due to a rush of redemptions that drained its treasury of liquid assets like DAI.
Despite the 50% value loss, the project team assures that it's a #temporary liquidity issue, and they have real assets to support redemptions.
Stablecoins aim to be worth $1 but can lose their #peg under extreme market conditions, as seen with USDR and other stablecoins like USDC and UST.
#Binance
#crypto2023
TrueUSD (TUSD) Slips Below $1 Peg Amid Binance Selling Surge.
During the Asian morning on Tuesday, the stablecoin TrueUSD (TUSD) witnessed a decline below its $1 peg, accompanied by an uptick in selling activity on the Binance platform.
As of 10:30 a.m. Hong Kong time, TUSD is trading around $0.985215, reaching a low of $0.9837 earlier in the day. Binance's TUSD-USDT pair recorded a total selling volume of approximately $435.4 million in TUSD within the last 24 hours. However, buy orders for TUSD on the exchange amounted to about $369.3 million, resulting in a net outflow of $66.1 million, according to data from the exchange's trading page.
Nick Ruck, Chief Operating Officer of ContentFi Labs, shared insights into the situation, noting, "The significant selloff of TUSD reflects panic among its holders regarding uncertainties surrounding its reserves and instability related to Poloniex. Following a recent hacking incident targeting Poloniex, TUSD holders are finding it increasingly challenging to maintain stability with the USD-pegged stablecoin."
Observers are speculating that the sell-off is connected to the MANTA launchpool, with reports indicating that many individuals purchased TUSD, and some opted to sell, contributing to the current market dynamics.
#tusd #peg $TUSD #manta
During the Asian morning on Tuesday, the stablecoin TrueUSD (TUSD) witnessed a decline below its $1 peg, accompanied by an uptick in selling activity on the Binance platform.
As of 10:30 a.m. Hong Kong time, TUSD is trading around $0.985215, reaching a low of $0.9837 earlier in the day. Binance's TUSD-USDT pair recorded a total selling volume of approximately $435.4 million in TUSD within the last 24 hours. However, buy orders for TUSD on the exchange amounted to about $369.3 million, resulting in a net outflow of $66.1 million, according to data from the exchange's trading page.
Nick Ruck, Chief Operating Officer of ContentFi Labs, shared insights into the situation, noting, "The significant selloff of TUSD reflects panic among its holders regarding uncertainties surrounding its reserves and instability related to Poloniex. Following a recent hacking incident targeting Poloniex, TUSD holders are finding it increasingly challenging to maintain stability with the USD-pegged stablecoin."
Observers are speculating that the sell-off is connected to the MANTA launchpool, with reports indicating that many individuals purchased TUSD, and some opted to sell, contributing to the current market dynamics.
#tusd #peg $TUSD #manta
Another #stablecoin drops below its $1 #peg and is now trading at $0.54
The frequency of depeg events, or stablecoins losing their peg to the dollar, has been growing recently in the #cryptocurrency community.
Real USD (USDR), a stablecoin built on polygons and backed by illiquid real estate assets, has lost its peg and is currently trading at $0.54 as of this writing.
The #USDR no longer has a one-to-one relationship with the US dollar due to the loss of its peg. The coin was supported by a depreciated token, a token that had been gutted, and a treasury that was backed by a little insurance fund.
The frequency of depeg events, or stablecoins losing their peg to the dollar, has been growing recently in the #cryptocurrency community.
Real USD (USDR), a stablecoin built on polygons and backed by illiquid real estate assets, has lost its peg and is currently trading at $0.54 as of this writing.
The #USDR no longer has a one-to-one relationship with the US dollar due to the loss of its peg. The coin was supported by a depreciated token, a token that had been gutted, and a treasury that was backed by a little insurance fund.
USDe: Strategies to avoid a de-peg
UST (from TERRA Labs) has already experienced a "de-peg" from its 1-to-1 value with the fiat dollar. What would ENA do to avoid the same thing with its USDe?
ENA Labs has learned from the experience of TerraLabs with UST and has implemented several strategies to avoid a de-peg of USDe with the dollar:
1. Hybrid rebasing mechanism
Combines daily rebasing with a more flexible burning and minting mechanism.Allows for more precise and timely adjustments to the USDe supply in response to market fluctuations.
2. Asset reserve
ENA Labs is building a diversified reserve of assets that includes cryptocurrencies, fiat currencies, and tokenized assets.This reserve will act as a buffer in case the price of USDe starts to fall.
3. Partnership with financial institutions
ENA Labs is working with traditional financial institutions to integrate USDe into their platforms.This will help to increase demand for USDe and stabilize its price.
4. Decentralized governance
ENA holders will be able to vote on key decisions affecting the USDe protocol.This will help to ensure that the protocol is transparent and accountable to the community.
5. Development of a robust ecosystem
ENA Labs is developing a variety of applications and services that use USDe.This will help to increase the utility of USDe and create more sustainable demand for the stablecoin.
It is important to note that
There is no guarantee that these strategies will be successful.The cryptocurrency market is volatile and there is a risk that USDe could lose its peg to the dollar.
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#ENA #USDe #peg
ENA Labs has learned from the experience of TerraLabs with UST and has implemented several strategies to avoid a de-peg of USDe with the dollar:
1. Hybrid rebasing mechanism
Combines daily rebasing with a more flexible burning and minting mechanism.Allows for more precise and timely adjustments to the USDe supply in response to market fluctuations.
2. Asset reserve
ENA Labs is building a diversified reserve of assets that includes cryptocurrencies, fiat currencies, and tokenized assets.This reserve will act as a buffer in case the price of USDe starts to fall.
3. Partnership with financial institutions
ENA Labs is working with traditional financial institutions to integrate USDe into their platforms.This will help to increase demand for USDe and stabilize its price.
4. Decentralized governance
ENA holders will be able to vote on key decisions affecting the USDe protocol.This will help to ensure that the protocol is transparent and accountable to the community.
5. Development of a robust ecosystem
ENA Labs is developing a variety of applications and services that use USDe.This will help to increase the utility of USDe and create more sustainable demand for the stablecoin.
It is important to note that
There is no guarantee that these strategies will be successful.The cryptocurrency market is volatile and there is a risk that USDe could lose its peg to the dollar.
__
❤️ If you found this information helpful, please take a moment to show some love by giving a thumbs up. Your generosity enables me to continue delivering quality content.
#ENA #USDe #peg
