Kava Network’s decentralized stablecoin USDX has lost its parity with the U
Kava Network’s decentralized stablecoin USDX has lost its parity with the US dollar
$USDX dipped to almost $0.55 on Wednesday, and is currently changing hands at $0.63 – well below its supposed $1 peg. The cause is not clear. Unlike algorithmic stablecoins such as $UST, Kava Network’s $USDX can be minted as a loan backed by collateral reserves. But Kava Labs offered $UST as one of the collateral assets to mint $USDX, so the exposure to UST could be a likely explanation.
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