South Korea’s largest domestic crypto exchange has sounded the alarm over the de-pegging of Tron’s USDD and Waves’ Neutrino USDN stablecoins.
The Upbit exchange said: “At the moment, there is a concern that pegging of USDN and USDD is not being conducted normally. This could increase the potential for price volatility in WAVES and TRX associated with each of the above stablecoins,” the Upbit exchange said. , so members should be aware of investing in WAVES and TRX.”
The two stablecoins remain volatile, both trading under a dollar. According to data from CoinGecko, USDD is down by over 1.5% in the past 24 hours, and USDN is down close to 1%.
Tron has been trending downwards since last month, which could mean that the decline is a result of de-pegging of USD, which was announced as an overcollateralized stablecoin.
Blockchain analytics platform Nansen recently said that a fund is moving large amounts of USDD and other stablecoins.
South Korea launches crypto committee
Earlier this month, the South Korean government said it would launch a digital assets committee in the wake of the Terra-led collapse.
Recently, top domestic exchanges announced the delisting of Litecoin (LTC) over the investor protection and money laundering concerns that came with their token announcement.
These actions show that the South Korean government is trying to strictly regulate the region.
And with crypto regulations tightening, Lee Bok-hyun, Director of the Financial Supervisory Board, said: “The authority concerned with the formulation or interpretation of laws and regulations is in the financial sector, and we are now taking a good look at the policy. main thing.”
Market devastation continues
In the current market weakness, bearish sentiment is keeping bitcoin below the $22,000 level. The decline is so sharp that CoinGecko has calculated that the global cryptocurrency market cap has dropped to $975 billion, up from just over $3 trillion in November.