HTX to remove multiple trading pairs with Justin Sun’s USDD stablecoin
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 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 Sept. 9 press release, the trading platform said that on Sept. 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.”
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 (BTC) 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.
