Sun Says He May Spend $5B To Save Crypto Even as USDD Fights To Hold Peg
— Billion, Bankmanfried, Stablecoin, Crypto, Usdd, Hold, Recover, Spend, Trons, Fights — 1 min read
Justin Sun says he can step in to support struggling crypto firms as the liquidity crunch continues. In mid-June, just months after its launch, algorithmic stablecoin USDD fell as low as $0.93 and has yet to recover to over $1. Sun said he and the Tron protocol are “ready to serve” in a Tweet earlier this month. FTX CEO Sam Bankman-Fried continues to dish out cash to help struggling sectors of the crypto industry as the aftermath of the collapse of Three Arrows Capital and Celsius’ insolvency struggles. Sun's offer comes as FTX agreed to acquire Bitvo and Embed Financial, and the exchange extended a $250 million credit line to BlockFi. Source