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Decentralized autonomous organization TRON DAO Reserve said that it will withdraw from the Binance platform TRX cryptocurrency for $ 2.5 billion “to protect the blockchain industry and the cryptocurrency market.”
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will withdraw 2.5 billion #TRX out of binance.
— TRON DAO Reserve (@trondaoreserve) June 15, 2022
Earlier, the DAO transferred 100 million USDT to Binance to buy TRX. The operation was part of an effort to maintain the stability of the usdD algorithmic stablecoin.
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have transferred 100 million #USDC on TRON to binance to purchase #TRX. https://t.co/lVTDlvQNEL
— TRON DAO Reserve (@trondaoreserve) June 15, 2022
On June 13, against the background of the volatility of the cryptocurrency market, USDD lost parity against the US dollar. The stablecoin for the third day can not return the binding to the anchor asset. On Tuesday and Wednesday, its price fell to $ 0.95.
At the time of writing, the “stablecoin” is trading near $0.97.
The hourly chart of USDD/USDT of the Poloniex exchange. Data: TradingView.
On June 14, TRON DAO Reserve received USDC 500 million and brought the USDD collateral rate to 310%. Its addresses hold over $1.5 billion in bitcoin, USDT, USDC and TRX. Part of the collateral (more than $ 723 million) also falls on the cryptocurrency, which was withdrawn from circulation in the process of issuing a stablecoin.
Data: TRON DAO Reserve.
Recall that after the collapse of UST and LUNA, the Tron team announced that it would modify USDD into an “oversecured stablecoin”.
#Tron #team #withdraw #billion #TRX #Binance #ensure #USDD #sustainability
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