Stablecoin Neutrino USD (USDN) lost its peg to the U.S. dollar. The token fell 10% in price relative to fiat currency, dropping to $0.9. USDN has a market capitalization of $625 million with a daily trading volume of $5.8 million, according to CoinGecko. As of August 26, USDN is trading at $0.91.

Neutrino Protocol is an algorithmic platform for the development of Waves blockchain-based stablecoins. It is based on a variety of DeFi tools, as well as 9 coins tied to fiat currencies such as the U.S. dollar, euro, yuan, yen and Brazilian real.

Neutrino USD (USDN) is an algorithmic stablecoin pegged to the U.S. dollar and backed by the WAVES token, which also has shown a decline. This cryptocurrency fell by 3.8% overnight.

The decoupling of USDN Stablecoin from the dollar comes amid an update that was launched by the platform’s developers on August 24. Changes were made to the system as voted on by its users. According to the Neutrino team, this was necessary to stabilize the protocol and secure reserves.

In mid-August, the HUSD (HUSD) stablecoin, launched by major cryptocurrency exchange Huobi Global, lost its peg to the U.S. dollar. On August 18, the token fell to an all-time low of around $0.88, showing a 12% decline. Subsequently, HUSD has recovered and is trading at $1 to $0.98.

https://altcoin.ng/stablecoin-usdn-lost-its-peg-to-the-us-dollar/