Stablecoin USDN lost its peg to the dollar

Stablecoin Neutrino USD (USDN) lost its peg to the US dollar. The USDN token fell 10% against the dollar, reaching a value of $0.9. The market capitalization of this token is $621 million, with a daily trading volume of $5.7 million.

Neutrino Protocol is a platform for the development of stabcoins in the Waves network. Neutrino USD is an algometric stablecoin tied to USD and secured by a WAVES token. The value of WAVES also fell by 3.5% over the day and is $4.96.

The detachment of the stabelcoin from the dollar takes place against the background of the system update, which was released on August 24. This is a publication from company Crypt​oDeFix. Changes were made to the system, which were voted by its users. According to Neutrino developers, the updates were necessary to stabilize the protocol and ensure security.