Justin Sun Announces Plan for USDD
Tron founder and former CEO Justin Sun announced via Twitter that he is hiring new employees. He said that people affected by the recent layoffs in the cryptocurrency space can work with him.
“Any of the recent unemployed can apply for available positions in various Tron-based projects”
According to Justin Sun, Tron DAO, Poloniex, BitTorrent, USDD, Ape NFT, Just Network, and Sun.io are hiring. Despite the bear market, companies are looking to increase their workforce by 50%.
For those who have lost their jobs over the current extreme market condition, @trondao @Poloniex @BitTorrent @usddio @apenftorg @DeFi_JUST @defi_sunio are all actively hiring! We are targeting to hire 50% more!— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) June 14, 2022
In addition to signings, Justin Sun announced that nothing will break the USDD-USD correlation. As Sun stated, the USDD algorithmic stablecoin will not have the same end as Terra’s UST (LUNA) stablecoin.
He claimed that the Tron DAO reserve was pumping over $2 billion to buy TRX. With this action, Tron’s DAO aims to boost the price of TRX to strengthen USDD.
This is because on Wednesday (14), as reported by CriptoFácil, the value of Tron’s USDD algorithmic stablecoin deviated from the $1 mark.
CoinMarketCap data reveals that USDD is currently valued at $0.981. But Tron’s stablecoin even traded at $0.9771, prompting a new panic in the market.
Since then, Justin Sun has also announced the deployment of another 500 million USDC. This action was also part of the plan to defend USDD stablecoin parity.
After the shares, reserve team Tron DAO reiterated that the stablecoin is now guaranteed at 310%. That is, there is more than $3 for every $1 in USDD.
Despite this, experts point out that a “de-peg” (loss of parity) of the USDD, similar to that of the UST, can make the market “shake”.
According to analysts, Tron has many more projects running on its blockchain. Therefore, a blockchain ‘stop’ would heavily impact the market, including USDT stablecoin.