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
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.
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