USDX Stablecoin Loses Dollar Peg
Stables Labs’ USDX stablecoin fell sharply below its $1 target. It dropped to $0.3887 earlier today. Data from on-chain tracker Lookonchain confirmed the depeg.
Whale Buys USDX After Price Drop
A crypto whale with wallet 0xe454 acted quickly. The investor spent 800,000 USDT to buy 933,241 USDX at an average price of $0.8572 each. This purchase happened soon after the USDX price fell.
The whale had already bought 1.4 million USDX during a prior price dip. Both token batches were submitted for redemption. If successful, the whale expects about $135,000 in profit.
Redemption Delay Raises Concerns
Despite submitting the tokens for redemption, the process has been pending for over three hours. This delay concerns traders and observers.
Normally, stablecoins allow quick redemption or exchange of tokens. A hold-up could indicate a technical issue, liquidity problems, or system pressure.
More updates will follow as the situation develops.
