JAKARTA – The price collapse of TerraUSD (UST) in a short time has reduced investors' confidence in crypto assets. On the other hand, TRON (TRX) which followed Terra's lead by developing the USDD algorithmic stable coin did not want a similar event to happen to USDD.
In anticipation of the Terra event, the founder of TRON (TRX), Justin Sun, plans to modify his algorithmic stable coin. This was conveyed by Sun to Bloomberg.
As reported by U.Today, the founder of TRX stated that the algorithmic stablecoin over collateral will increase investor confidence. Its reserves, which will be maintained with a guaranteed ratio of at least 130 percent, now include a total of $1.37 billion in digital assets.
Meanwhile, Justin Sun issued a controversial statement stating that Terra's collapse has accelerated the planned upgrade. After Terra's collapse, Tron emerged as the third-largest blockchain in the DeFi space after Ethereum and BNB Chain.
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Data from DefiLlama shows that the total locked value (TVL) of TRON has skyrocketed to more than 6 billion US dollars. Currently, TRON surpasses Avalanche and Solana.
On the other hand, Justin Sun dismissed the allegations of financial crimes after The Verge reported that the founder of TRON is allegedly being investigated by US authorities. Commenting on the allegations, TRON is said to have threatened to sue media outlets for defamation.
However In December 2021, Sun announced that he had left TRON to become the WTO ambassador to Granada. However, until now, the continuation of the allegations of financial crimes committed by the founder of TRON is not known.
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