close button

Tron Dao buys $50M of Bitcoin and TRX to add to USDD reserves

Tron Dao buys $50M of Bitcoin and TRX to add to USDD reserves

Tron Dao Reserve, which manages algorithmic stablecoin USDD, said on Saturday that it had bought $50 million worth of Bitcoin (BTC) and Tron (TRX).

The purchase was announced in a tweet saying it was meant to “safeguard the overall blockchain industry and crypto market.”

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve is buying $50 million worth of #BTC and #TRX for reserve.

Tron Dao buys $50M of Bitcoin

Tron Dao buys $50M of Bitcoin and TRX to add to USDD reserves

Following the collapse of Terra’s algorithmic stablecoin in May, Tron earlier this month said it would significantly increase the amount of capital backing USDD.

A reserve comprised of cryptocurrencies and other stablecoins was amassed to overcollateralize USDD and was guaranteed to be maintained at a minimum of 130% of the total amount of USDD in issuance.

Tron said it would begin publishing real-time updates on the collateral ratio on the Tron Dao Reserve website from June 5. The ratio today was almost 193%.

Tron’s USDD went live on the blockchain on May 5.



Also, Check

Spanish Production Giant Mediapro Group Refinances To Reduce Debt Load by €500M

Kushki is a unicorn now, raised $100 million

Japan’s Fumio Kishida considers joining the NATO summit

Egypt heavyweight Telecoms strike agreements worth $900M


Follow us or bookmark us for more Bollywood news box office collection report celebrities trailers and promos

Join us on Facebook 

Join us on Twitter

Leave a Comment