Tron DAO Reserve Buys $38 Million in TRX to Protect the USDD Stablecoin

Tron DAO has announced the acquisition of 504,600,250 TRX as part of its USDD stablecoin reserves, at an average price of $0.07727. This sum of $38.993 million is in line with Justin Sun’s plan to back the USDD stablecoin with $10 billion in digital assets.

Circulating Supply of USDD Exceeds $200 million

Furthermore, the circulating supply of the USDD stablecoin has grown by almost 100% in the last 48 hours, exceeding $200 million. The stablecoin was launched on the 5th of May and had an initial circulating supply of $116.7 million.

At the time of writing, the circulating supply of USDD according to the Tron DAO reserve website currently stands at $211.245 million. Additionally, $1 billion worth of USDD has been authorized to be issued meaning that $788.754 million is set to be released into circulation in the days or weeks to follow.

Tron DAO Secures Three Partnerships

Also worth mentioning is that the Tron DAO reserve has thus far secured three partnerships with Alameda Research, the Amber Group, and the Poloniex Exchange. The three partners are now members and whitelisted institutions of the Tron DAO Reserve.

The Price of Tron (TRX) Continues to Benefit From the Launch of USDD

In terms of value, the hype and activities surrounding the launch and usage of USDD have benefited Tron (TRX) in the crypto markets. Consequently, Tron (TRX) has reentered the top 20 digital assets on Coinmarketcap having increased in value by 32.54% in the last week alone.

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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