According to the yet unconfirmed development, 12,000 BTC of the Bitcoin collateral set for USDD, a stablecoin linked to Justin Sun, was removed by Justin Sun without DAO approval, and USDD is now completely collateralized by Tron (TRX).
Initially launched as a competitor to Terra’s doomed LUNA stablecoin, USDD was heavily promoted by Tron founder Justin Sun. However, plans to fully integrate USDD into the core of the Tron ecosystem were scaled back after Terra-Luna’s disastrous collapse in 2022.
Previously, the USDD transparency page listed around 12,000 BTC held at the address 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj, but that address has now been removed. Despite Sun and USDD’s frequent claims that the stablecoin is governed by a decentralized autonomous organization (DAO), no governance vote was recorded to correspond with this significant change.
In fact, the TRON DAO Reserve has only held one vote since its inception, in May 2023, when the community voted to allow USDD to use “burned” TRX for collateral, a decision that raised questions about the team’s understanding of token burns.
*This is not investment advice.
