TRON DAO Reserve announced on Twitter that it had purchased ten million dollars in TRON to protect the blockchain sector and cryptocurrency market as a whole. USDD is a Tron algorithmic stablecoin that uses an automatic balancing method to create 1 USDD by minting or burning $1 worth of TRX. Justin Sun, the founder of Tron, invested almost $2 billion earlier this week as traders appeared to be shorting TRX. Too short, or bet against, funding rates – or the interest paid by dealers to borrow funds for a trade – TRX futures reached a stunning 500 percent. The capital, according to Sun, was built to “combat them.” To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased 10,000,000 #USDD on #TRON. — TRON DAO Reserve (@trondaoreserve) June 20, 2022 Earlier this Tron DAO purchased Bitcoin and TRX worth $50 million to add to USDD’s reserves. Last week, the Tron ecosystem suffered a massive setback when the USDD stablecoin lost its $1 peg. This caused traders to be concerned, as USDD was released last month as a competitor to Terra’s UST, an algorithmic stablecoin. Another de-pegging of a similar asset resulted in TRX’s price dropping for a short time. The US Dollar Has Dropped to a New Low The USDD plummeted to a fresh low of $0.93 on Sunday before reclaiming the $0.95 area. According to CoinMarketCap, the stablecoin is currently trading at $0.95, down 0.70 percent in the previous 24 hours. More...
