Crypto exchange HTX is set to remove several trading pairs with USDD, advising users to cancel pending orders and choose alternative pairs.

Cryptocurrency exchange HTX, formerly known as Huobi, will delist several USDD trading pairs just a few weeks after concerns arose over the stablecoin’s backing and recent significant collateral withdrawals by the TRON DAO Reserve.

In a September 9 press release, the trading platform announced that on September 12, it will remove 14 trading pairs, including DOGE/USDD, NEAR/USDD, USDD/USDC, and EOS/USDD, among others. The exchange advised users to cancel pending orders and transition to alternative trading pairs. Although the specific reasons for suspending the trading pairs were not disclosed, the exchange stated that the action is intended to offer a “better trading experience.”

@justinsuntron silently removed the 12,000 BTC as USDD collateral recently and it’s now 100% backed by TRON (except for 20 million USDT).

The move comes amid ongoing concerns about USDD, particularly following big changes made by the TRON DAO Reserve. In late August, the reserve withdrew nearly $750 million worth of Bitcoin backing USDD, leading to heightened scrutiny. Following the withdrawal, the stablecoin is now largely backed by TRX, TRON’s native token.

TRON founder Justin Sun defended the move, explaining that the previous collateralization rate of over 300% was not “very efficient.” He further assured users of USDD’s stability, highlighting that the stablecoin’s mechanism, similar to MakerDAO’s DAI, allows for collateral withdrawals when it surpasses the system’s requirements.

For the latest updates and in-depth analysis on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 1