TronDAO Deposits USDC 50 Million For The Purchase Of Tokens

The TronDAO, a decentralized autonomous organization (DAO) in charge of managing the growth of the Tron network, revealed that it had sent more than $50 million in USDC to an undisclosed controlled exchange in order to repurchase TRX and its algorithmic stablecoin USDD.

TronDAO wants to repurchase TRX and USDD

In an effort to support the algorithmic stablecoin, TronDAO Reserve stated on Friday that it is purchasing 50 million USDC to purchase back TRX and USDD. The project seeks to use a decentralized forex reserve akin to Terra’s UST reserves.

The price of Tron’s TRX coin is currently $0.065, up 0.76% from the previous day and more than 10% from the previous week according CoinCu data. With a market valuation of more than $6 billion, the token is now the 14th largest cryptocurrency.

According to data from DeFi Llama, the Tron ecosystem has almost $4 billion locked into smart contracts across its seven decentralized finance (DeFi) protocols, making it the third-largest blockchain by TVL (total value locked).

USDD remains under $1 in trading

According to data from CoinCu, the USDD dropped to an all-time low of $0.9255 on June 19 before rising to $0.97 at the time of writing. The price at which it is supposed to be traded, $1, is still several pennies away.

The USDD stablecoin of TronDAO has been de-pegged below $1 over the past week despite efforts to peg it. To protect the cryptocurrency market and the entire blockchain sector, TRON DAO tweeted this week that it has purchased 10 million USDD on TRON. The stablecoin has not, however, risen above $1 as a result.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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