USDB decentralized stablecoin, supported by DAI has temporarily lost it’s peg to U.S. dollars, falling 6% in price.
USDB, a decentralized stablecoinThe price of sank by up to 6% in just a few seconds, due to the panic caused by Japan’s chaos.
USDB, developed by Blast offers a yield of 5% derived from MakerDAO’s T-Bill on-chain protocol. Typically users can redeem USDB to (DAIWhen bridging between Blast and Ethereum. According to crypto.news, the USDB price plummeted to $0.94 due to market instabilities, but it bounced later back up to $1. Blast did not issue a press release on this matter as of the time of publishing.
Resonance Security’s cybersecurity analysts published a study in late June. raised concerns Blast is dependent on an external protocol to generate yield. This has inherent risks. “has not published a security audit of their smart contracts in three years.”
Japan’s stock exchange has its worst day in the market since 1987
Japan’s Stock Exchange experienced its worst trading day since 1987. The Nikkei Index of the Tokyo Stock Exchange was down on Monday, August 5. plummeted By 12%. It is a 20 percent decline from July’s all-time record high. A brief halt in trading was triggered.
South Korea’s KOSPI benchmark also dropped by 8% following Japan’s decline, registering its worst session in March 2020. In the midst of panic, South Korean officials tried Finance Minister pledges to implement a contingency to reduce market volatility.
In the midst of this sell-off, there was also a decline in the crypto market as a whole. Bitcoin (BTCEthereum () fell briefly below $50,000, but Bitcoin (ETH() fell to $2,264. According to Coinglass data, the amount of liquidations for crypto in the 24 hour period has been over $1 billion.
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Source: crypto.news