Tron’s Stablecoin Peg to Dollar Wobbles Justin Sun Swears to Deploy 2B to Prop Up

The Tron network’s stablecoin, USDD, lost its peg to the U.S. dollar on Monday, dipping to as low as 91 cents, as crypto markets nosedived as investors grew increasingly concerned about persistently high inflation, tightening financial conditions and a potential recession. Tron founder Justin Sun tweeted Monday that the funding rate on the Binance exchange for betting against, or “shorting,” the Tron blockchain’s native TRX token stood at negative 500%, a whopping rate that suggests many investors are clamoring to get into that trade. According to Sun, TronDAO “will deploy $2 billion to fight them.”