JUSTIN SUN'S USDD STABLECOIN LOSES BITCOIN BACKING

Summary from the TLDR Crypto newsletter

Justin Sun's USDD stablecoin has lost its Bitcoin backing. 12,000 BTC worth around $726 million were withdrawn from its collateral. USDD is now primarily backed by Tron's native token, TRX. The move raises concerns due to TRX's volatility, though Sun claims it aligns with the plan to upgrade USDD and make it more competitive in the decentralized stablecoin market.