TRX Tron the next to fall?
Updated
I think TRX Tron is the next to fall after BNB Binance Coin.
The reason is their stablecoin, USDD.
According to their website, USDD is secured by the over-collateralization of multiple mainstream digital assets (e.g. TRX, BTC, and USDT). The total value of collateralized assets is significantly higher than that of USDD in circulation with the collateral ratio set at 120%.
This is the USDD collateral:
TRX 10,929,535,279
BTC 14,040.6 = about 313Mil
USDT 29,964,253
USDC 39,719,839
so besides TRX, the total amount of other collateral is 383Mil for a stablecoin that has a mk cap of 724Mil.
Now let`s say TRX drops to the Covid level of $0.0072, which is not unrealistic in my opinion.
Then the TRX collateral of 10,929,535,279 coin will be worth $78,692,654.
Assuming that BTC won`t go lower, then still the liquid collateral of USDD will be around 462Mil for a mk cap now of 724Mil, which will result in a huge depegging od the "stablecoin".
Looking forward to read your opinion about it.
The reason is their stablecoin, USDD.
According to their website, USDD is secured by the over-collateralization of multiple mainstream digital assets (e.g. TRX, BTC, and USDT). The total value of collateralized assets is significantly higher than that of USDD in circulation with the collateral ratio set at 120%.
This is the USDD collateral:
TRX 10,929,535,279
BTC 14,040.6 = about 313Mil
USDT 29,964,253
USDC 39,719,839
so besides TRX, the total amount of other collateral is 383Mil for a stablecoin that has a mk cap of 724Mil.
Now let`s say TRX drops to the Covid level of $0.0072, which is not unrealistic in my opinion.
Then the TRX collateral of 10,929,535,279 coin will be worth $78,692,654.
Assuming that BTC won`t go lower, then still the liquid collateral of USDD will be around 462Mil for a mk cap now of 724Mil, which will result in a huge depegging od the "stablecoin".
Looking forward to read your opinion about it.
Trade active
TRX still a lot of room to go down! Trade active.Trade active
As i told you, USDD is depegging. trading today at $0.092.Trade active
Tron Sell-Off!TRX cryptocurrency Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges.
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