According to the statement, DCB recently contacted the Near Foundation to advise it that USN had become undercollateralized, a condition that is “inherent” with algorithmic stablecoins, especially in “extreme market conditions.” DCB further confirmed, according to the foundation, that there was also double-minting of USN, which contributed to the undercollateralization.
Related posts
-
Germany transfers about $40m in Bitcoin amid ongoing selloff
The German government has transferred 700 Bitcoins (BTC), valued at approximately $40.47 million. This transaction is... -
Justin Sun Developing Gasless Transaction Stablecoin Solution for Tron and EVM Chains
Justin Sun, founder of Tron, a smart contracts-enabled blockchain,... -
German MP urges government to halt BTC sales in lieu of need for ‘strategic reserve’
German MP and major Bitcoin advocate Joana Cotar has called on the government to halt its...