USDD

DeFi

Planet

TRON

<div class="intro-text">
 HTX (formerly Huobi) has announced that it will be removing several USDD trading pairs following recent concerns about the stablecoin’s backing and significant collateral withdrawals by the TRON DAO Reserve.
</div>
In a<a href="https://www.htx.com/support/24980173433097" rel="noopener noreferrer nofollow"> press release</a> dated September 9, the crypto exchange disclosed that on September 12, it will delist 14 trading pairs, including DOGE/USDD, NEAR/USDD, USDD/USDC, and EOS/USDD. The exchange advised users to cancel pending orders and switch to alternative trading pairs.
While the specific reasons for the suspension were not disclosed, HTX stated that the move aims to provide a “better trading experience.”
The delisting decision comes amid mounting concerns over USDD, particularly after the TRON DAO Reserve made significant changes to its backing. In late August, the DAO withdrew nearly $750 million worth of Bitcoin serving as the reserve supporting USDD. The stablecoin is now primarily backed by TRX, TRON’s native token. This move has lead to increased scrutiny of the stablecoin.
TRON founder Justin Sun<a href="https://twitter.com/justinsuntron/status/1826537914173718893?t=sbFlKmBMvCbjiRTh1FNcbQ&amp;s=19" rel="noopener noreferrer nofollow"> defended</a> the withdrawal, arguing that the previous collateralization rate of over 300% was “not very efficient.” He assured users of USDD’s stability, noting that the stablecoin’s mechanism, similar to MakerDAO’s (DAI), allows for collateral withdrawals when it exceeds the system’s requirements.
Sun further stated, 
<blockquote>
 “The TRON DAO Reserve plans to spend time upgrading USDD in the future to make it a more competitive decentralized stablecoin in the market. Remember, Tron is also a kingdom of stablecoins.”
</blockquote>
This development follows a similar incident in February 2024, when Binance<a style="color: #0000ff;" href="https://defi-planet.com/2024/02/binance-faces-backlash-following-decision-to-remove-four-cryptocurrencies/" rel="noopener noreferrer nofollow"> announced</a> the delisting of four cryptocurrencies: Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR). The exchange’s decision triggered speculation and criticism, as it came shortly after U.S. Treasury Secretary Janet Yellen’s call for stricter cryptocurrency regulations, leading many to suspect a potential link between the two events.
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The post <a href="https://defi-planet.com/2024/09/htx-to-delist-14-usdd-trading-pairs-amid-concerns-over-stablecoins-backing/" rel="noopener noreferrer nofollow">HTX to Delist 14 USDD Trading Pairs Amid Concerns Over Stablecoin’s Backing</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

HTX to Delist 14 USDD Trading Pairs Amid Concerns Over Stablecoin’s Backing

DeFi Planet

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