Cryptocurrency exchange HTX (formerly Huobi) will delist several (USDD) trading pairs just a few weeks after concerns arose over the stablecoin's backing
Cryptocurrency exchange HTX (formerly Huobi) has announced plans to delist several USDD trading pairs, prompting users to cancel pending orders and choose alternative pairs.
The exchange announced on Sept. 9 that on Sept. 12, it will remove 14 trading pairs, including DOGE/USDD, NEAR/USDD, USDD/USDC, and EOS/USDD, among others. The platform urged users to cancel any pending orders and choose alternative trading pairs.
While the specific reasons for suspending the trading pairs were not disclosed, the exchange stated that the move is intended to provide a “better trading experience.”
The announcement comes amid ongoing concerns about USDD, particularly following major changes made by the TRON DAO Reserve. In late August, the reserve withdrew nearly $750 million in Bitcoin (BTC) that was backing USDD, leading to heightened scrutiny. Following the withdrawal, the stablecoin is now largely backed by TRX, TRON’s native token.
Regarding the decentralized stablecoin USDD, its mechanism is similar to MakerDAO's DAI and is not mysterious. When your collateral exceeds the amount specified by the system (usually between 120%-150% depending on the vault), any collateral holder can withdraw any amount freely, and this is how the USDD peg is maintained.
TRON founder Justin Sun defended the move, explaining that the previous collateralization rate of over 300% was not “very efficient.” He further assured users of USDD’s stability, highlighting that the stablecoin’s mechanism, similar to MakerDAO’s (DAI), allows for collateral withdrawals when it surpasses the system's requirements.
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