Tron DAO Reserve Increases 445M USDC on the Network’s Total Supply
Earlier today, Tron DAO Reserve announced that it had added about 445M USDC to TRON, bringing the total supply value of USDC coins in the network to $3.3B. The organization stated that the addition is aimed keeping the crypto market and blockchain community steady.
Road to Stabilization of Crypto and Blockchain Market
Per a recent tweet, the Tron DAO Reserve has purchased USDD and TRX assets worth $20M in total. The reserve has given a reason for the purchase, which they termed as way to ‘steady the overall blockchain space and crypto market at large.’
Tron DAO Reserve has also increased the supply of USDC to 445 million. The hope is to increase the total supply to about $3.3B. The guarantee is $723 million, with analysts predicting that the value will go above this level.
USDD lost its $1 value on June 13. At the time of writing, USDD’s price had fallen to the $0.9137 mark. Since July, some stablecoins such as USDD have struggled to regain. The battle continues as the team plans to use the collateral for a stablecoin kickback to the market.
The value of USDD had risen to $0.9959 earlier toady, where the ongoing supply accumulates to 723 million. Market value demonstrated a phenomenal rise with a trading volume of $98 million. The Tron organization put in some guardrails with its stablecoin (USDD). The collateral also aimed to avoid the extraordinary situation with Terra USD, which had lost $60 billion and vanished into thin air.
Acquiring More Stablecoins for Market Stability
Tron Founder Justin Sun had lamented that they wanted to acquire collateralized USDD. The plan is to make the users of the digital community pleasant when they are using their assets in the future. The plan to collateralize USDD was there even before TerraUSD had seen its endgame. TerraUSD calamities placed made it possible for the collateral as a priority.
The guarantee comprises the Reserve’s native Token TRX, Tether (USDT), and Bitcoin. These tokens are $783million in price. At the moment, these assets are under $10 billion. Sun had initially promised the overtime rise of these digital assets on April 21, 2022.
USDD and TRX
The stablecoin (USDD) utilizes the Tron organization’s native Token TRX, which sustains its peg. Justin Sun claimed that the peg is a higher-ranking algorithm than Terraform Labs, which led to the de-pegging of TerraUSD. He said that when USDD’s price is lower than the $1 value, the users and intermediates can transmit 1 USDD and receive TRX worth $1.
During the early days of USDD, TRX had a significant performance. According to CoinGecko, the pricing was at the 13th position regarding the market cap. An improvement of 11 spots from the 24th position.
Firelocks, the leading digital asset infrastructure platform, supported TRX and all TRC20-based tokens for the Tron DAO for its cryptocurrency platform. The support could be a stepping stone to aid in the collateral process.
