FDUSD token repaid a withdrawal of almost $ 26 million after the FDUSD token lost the US dollar Peg for a while under allegedly bankruptcy of TRON founder JUSTIN Sun.
On April 2, the FDUSD (First Digital USD) deceGGGGGGGGed and the price dropped to $ 0.87 after insisting that SUN had bankruptcy.
On April 4, SUN doubled his charges and claimed that the company transferred more than $ 450 million in customer funds to Dubai and violated the Hong Kong securities regulations.
source: He’s just
“The FDT has transferred $ 460 million for custody customers as a private company in Dubai without approval, and has not returned money yet.”
Despite this claim, Etherscan’s blockchain data has been honored by the FDUSD repayment since the case, the first digital has been honored by the FDUSD repayment.
FDUSD repayment. source: Ether scan
On April 3, the first digital of X POST said, “We continue to gently handle the repayment to show the courage of $ FDUSD.
When a user repays the FDUSD to the US dollar, the FDUSD is burned by a chain to keep the stablecoin maintaining a one -on -one piece in the US dollar and see if the circulation supply matches the reserves.
relevant: Wintermute will be transferred to $ 75m FDUSD after DEPEGS.
According to Sun’s claim, the first digital is a solvent for the user and guaranteed that the FDUSD is fully supported and repaid.
source: First digital
The first digital is on April 3 X POST, “First Digital Sands Firm: Justin Sun is not distracted from Techteryx’s own failure.
relevant: Bitcoin prices can be $ 2.5 million in Arthur Hayes if Fed moves to QE in 2025.
Stablecoin depegs is “larger systematic danger” than Bitcoin collision
According to Gracy Chen, the CEO of Bitget, Stablecoins depegs presents “more systematic risk” in encryption than BTC (Bitcoin) collisions, since Stablecoins is essential for fluidity, defect and user trust.
Stablecoin depegs can cause “terraced failures such as Terrausd Clapse in 2022”, Chen added:
“The current transparency, collateral quality and responsibility among the major Starble Lecomin publishers are insufficient. The lack of complete audit of tethers, the exposure to USDC’s bank risks, and the vulnerability of the algorithm stablecoins emphasize the vulnerability of the market for the next DEPEG event.”
Chen said, “To alleviate the risk, the market should conduct real -time audit, prioritize high -quality collateral, such as the US Treasury, strengthen regulatory supervision, and diversify the use of Stablecoin to reduce the dependence on some dominant players.
In May 2022, a $ 40 billion terra ecosystem collapsed, and thousands of dollars of value were erased in a few days. Terra’s algorithm stablecoin and Terrausd (USST) produced an annual percentage rate (APY) of more than 20% annually in anchor protocols before collapse.
When USST lost its dollar Peg, DO Kwon, co -founder of Terraform Labs, visited X to share the rescue plan. At the same time, the value of Token LUNA’s sister, the top ten crypto projects by market cap, plunged to $ 0.84 at more than 98%. Luna was traded north of $ 120 in early April 2022.
https://www.youtube.com/watch?v=abn8nvgdw34
magazine: Financial nihilism of encryption is over. You need to have a big dream again.