Justin Sun's USDD stablecoin is no longer backed by bitcoin

Tron founder Justin Sun reassured users that there is nothing to worry about after the Tron DAO Reserve removed nearly $750 million worth of bitcoin backing the USDD stablecoin on Wednesday. The algorithmic stablecoin — launched in 2022 as a competitor to Terra’s now defunct UST token — is now backed primarily by Tron’s native token TRX.The move has raised concerns about the decentralization of USDD.