Amid crypto carnage, $USDT, $USDC, $USDD, $FRAX de-pegging from $USD: What happened?
Binance's stablecoin, BUSD, benefited from this panic the most: its price jumped over $1,012 as USDT holders started exchanging their funds to BUSD.Even EUR-pegged stablecoins suffered from the ongoing euphoria. Eurocoin by Circle jumped over €1.04 on major spot exchanges, according to CoinGecko.
The worst sufferers of this drama so far are decentralized stablecoins. USDD, an algorithmically-backed stablecoin by Tron ecosystem, plunged to $0.968 briefly. Justin Sun immediately injected new liquidity into a basket of assets backing USDD. Frax Finance , the smallest hybrid stablecoin with a $1+ billion capitalization, slid below $0,966. Both USDD and FRAX are still trading below $1 as of press time.
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