USDD 取消了 7.32 億美元的比特幣支持，重新引發了去中心化擔憂

管理 USDD 穩定幣的 Tron DAO Reserve 週三刪除了價值約 7.32 億美元的支持該穩定幣的比特幣，引發了人們對該實體並不像其聲稱的那樣去中心化的擔憂。

The Tron DAO Reserve, which manages the USDD stablecoin, has removed some $732 million worth of Bitcoin (BTC) backing the stablecoin, according to data from X Wednesday.

根據 X Wednesday 的數據，管理 USDD 穩定幣的 Tron DAO Reserve 已經移除了價值約 7.32 億美元的支援該穩定幣的比特幣 (BTC)。

The move comes as USDD, which is pegged to the US dollar, has been facing increasing scrutiny over its backing assets and claims of being decentralised.

此舉出台之際，與美元掛鉤的 USDD 因其支持資產和去中心化的主張而面臨越來越嚴格的審查。

With the recent removal of some 12,000 BTC, USDD’s backing has shifted almost entirely to TRX, the volatile native token of the Tron blockchain.

隨著最近約 12,000 BTC 的撤資，USDD 的支援幾乎完全轉向 TRX，Tron 區塊鏈的不穩定原生代幣。

However, Tron founder Justin Sun has downplayed the concerns, stating that the Tron DAO Reserve would adjust the backing assets based on the “collateral factor.”

然而，Tron 創始人 Justin Sun 淡化了這種擔憂，表示 Tron DAO Reserve 將根據「抵押因素」調整支持資產。

According to Sun, USDD has a long-term capital utilization rate of over 300%, which prompted the DAO to optimize the capital utilization by reducing the BTC-backed portion.

Sun表示，USDD的長期資金利用率超過300%，促使DAO透過減少BTC支持部分來優化資金利用率。

The USDD website currently shows a collateralisation ratio of 230%, indicating that the value of assets backing USDD is more than twice the value of the stablecoin in circulation.

USDD網站目前顯示的抵押率為230%，這表明支持USDD的資產價值是流通穩定幣價值的兩倍以上。

Launched in 2022, USDD is an algorithmic stablecoin pegged to the US dollar and claims to be decentralised, being managed by a decentralised autonomous organisation — or DAO.

USDD 於 2022 年推出，是一種與美元掛鉤的演算法穩定幣，聲稱是去中心化的，由去中心化自治組織（DAO）管理。

But the recent removal of some 12,000 Bitcoin backing USDD raised eyebrows because despite advertising USDD as being managed by a DAO, no vote was approved.

但最近取消支援 USDD 的約 12,000 個比特幣引起了人們的關注，因為儘管將 USDD 宣傳為由 DAO 管理，但沒有投票獲得批准。

Is it really decentralised?

真的是去中心化的嗎？

USDD has a rocky history.

美元兌美元有著一段坎坷的歷史。

The stablecoin was initially undercollateralised, meaning that the value of its backing assets was less than all USDD in circulation.

該穩定幣最初抵押不足，這意味著其支援資產的價值低於流通中的所有美元。

When the Terra blockchain’s undercollateralised TerraUSD stablecoin collapsed in 2022, USDD switched over to an overcollateralised model.

當 Terra 區塊鏈的抵押不足的 TerraUSD 穩定幣在 2022 年崩潰時，USDD 切換到了超額抵押模型。

At the time, the Tron DAO said it planned to maintain a minimum collateralisation ratio of 130%.

當時，Tron DAO 表示計劃將最低抵押率維持在 130%。

This change, as well as several others, were not put to votes, as is commonplace among DAOs. The USDD website lists only a single DAO vote — a May 2023 proposal to use TRX tokens from the stablecoin’s reserve in Tron governance.

這項變更以及其他幾項變更並未像 DAO 中常見的那樣進行投票。 USDD 網站僅列出了一項 DAO 投票——2023 年 5 月提出的一項提案，即在 Tron 治理中使用穩定幣儲備中的 TRX 代幣。

USDD has attracted several prominent critics.

USDD 引起了一些著名的批評者。

Stablecoin rating agency Bluechip gave USDD its lowest rating, and strongly advises against using it.

穩定幣評級機構 Bluechip 給予 USDD 最低評級，並強烈建議不要使用它。

Bluechip’s assessment of USDD said the wallet containing the Bitcoin that previously backed it was claimed by Huobi exchange as their own.

Bluechip對USDD的評估稱，火幣交易所聲稱先前支持其的包含比特幣的錢包是他們自己的。

The stablecoin rater also criticised USDD’s mechanism.

穩定幣評級機構也批評了 USDD 的機制。

“USDD has practically useless short term stability mechanisms and a theoretical long term mechanism that is yet to be seen in action,” it said,

它表示：“USDD 擁有實際上無用的短期穩定機制和理論上的長期機制，但尚未付諸實踐。”

Sun said in his Thursday X post that USDD’s mechanism is “not mysterious,” and compared it to that of MakerDAO’s DAI stablecoin.

Sun 在周四的帖子中表示，USDD 的機制“並不神秘”，並將其與 MakerDAO 的 DAI 穩定幣的機制進行了比較。

He also hinted at future upgrades that may address some of the USDD criticism.

他還暗示未來的升等可能會解決美元兌美元的一些批評。

“The Tron DAO Reserve plans to spend time upgrading USDD in the future to make it a more competitive decentralised stablecoin in the market,” Sun said.

Sun 表示：“Tron DAO Reserve 計劃在未來花時間升級 USDD，使其成為市場上更具競爭力的去中心化穩定幣。”

USDD did not immediately respond to a request for comment.

USDD 沒有立即回應置評請求。

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

Tim Craig 是 DL News 駐愛丁堡的 DeFi 記者。請透過 tim@dlnews.com 取得提示。