Justin Sun is ready to cash in $2 billion to fight back the attack on stablecoin USDD

Justin Sun is preparing a $2 billion retaliation after the Tron DAO attack.


Justin Sun is preparing a $2 billion retaliation after the Tron DAO attack.
Justin Sun

Monday, June 13, was a collapse for the entire crypto industry, but for Tron DAO, things became even worse.


As of the start of the day, USDD, Tron's algorithmic stablecoin, had briefly lost its peg to the dollar.


The event elicited a commensurate reaction, affecting TRX, the network's native token, according to quotes.


TRX fell more than 18% in price against the backdrop of poor overall market conditions and the USDD depeg.


When things began to become serious, Justin Sun, the head of the Tron Foundation, stepped onto the scene and made some significant pronouncements.


He stated that the Tron DAO injected 700 million USDC to maintain the USDD's peg to the dollar. Following the publication of the study, the stablecoin has recovered and is presently trading at $0.99.


Sun previously stated that the USDD would be overcollateralized at 130 percent to avoid TerraUSD's fate(UST).


On the Tron DAO Reserve website, you can monitor this indicator in the public domain 24 hours a day, 7 days a week.


The TRX shorting flywheel is not stopping despite the rebound in the peg. As a result, Sun stated that TronDAO will allocate $2 billion to battle negative funding on Binance and warned of an upcoming short squeeze on TRX.