In an attempt to save the peg of USDD, Justin Sun revealed today that he was increasing the reserve by 500 million USDC. To combat the exceedingly challenging market conditions, the TRON DAO Reserve team stated that USDD is now collateralized by 310 percent. The extra effort is being made to guarantee that the USDD does not end up like the UST.
TRON’s recently established stablecoin (USDD) may be in peril only a few months after its inception. USDD is experiencing its toughest test yet, with the US-pegged stablecoin falling to $0.9807 at 07:52 UTC this morning. USDD has rebounded significantly as of press time, but it is still one cent short of the dollar, trading at $0.969412.
However, the de-pegging of USDD had trembled the crypto market enthusiasts by instilling a sense of fear in them. Nonetheless, Justin Sun had given clarity regarding the same.
TRX workforce to increase as Justin Sun follows Binance
Justin Sun is following Binance’s lead in extending recruiting to help those who have lost their jobs due to the current market conditions. Justin Sun, the founder of Tron, has offered his support to anyone who has been laid off by a number of crypto companies.
Sun stated on Twitter that those who have lost their employment might apply for various positions in the TRX ecosystem.
“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.”
Additionally, Binance appears undeterred by corporate hiring sprees and continues to hire. Crypto companies such as Crypto.com, Gemini, Coinbase, and BlockFi have all announced layoffs and hiring freezes.
Other companies, such as Bitso, Mexico’s largest cryptocurrency exchange, have just let off 10% of their workforce. Buenbit, a cryptocurrency exchange based in Argentina, has laid off 45 percent of its workforce.
In other news, Coinbase just revealed that, because of the difficult market conditions and economic volatility, it will lay off 18 percent of its workforce. Almost 1,100 employees were laid off, according to the company’s release.