A South Korean Exchange Warns Users on Tron and Waves StablecoinsJune 15, 2022
The de-pegging of Tron’s USDD and Waves’ Neutrino USDN stablecoins has alarmed South Korea’s largest local crypto exchange.
UPbit exchange said,
“At the moment, there is a situation where there is concern that the peggings of USDN and USDD are not being maintained normally. This may increase the possibility of price fluctuations in the WAVES and TRX associated with each of the above stablecoins, so members should be aware of investing in WAVES and TRX.”
Both stablecoins are still volatile, trading for less than a dollar. According to CoinGecko data, USDD is down more than 1.5% in the last 24 hours, while USDN is down less than 1%.
Tron has been on a decreasing trend since last month, which could be due to the de-pegging of USDD and had been advertised as an overcollateralized stablecoin.
Nansen, a blockchain analytics tool, has revealed that a the team has been transferring large sums of USDD and other stablecoins.
Additionally, the South Korean government announced the formation of a Digital Asset Committee earlier this month following the Terra collapse.