TRON DAO Reserve announced that it has increased its reserves. According to the statement made by Justin Sun, important steps have been taken to protect the entire blockchain and cryptocurrency markets.
Justin Sun announces, TRON’s USDC reserves reach $3.3 billion
According to Justin Sun, CEO of the company, Tron has bought 445 million USDC. With this move, the supply of USDC in TRON has now reached over $3.3 billion. Additionally, TRON DAO Reserve said it has received additional TRX and USDD token purchases totaling $20 million. This purchase was completed in two transactions.
The stablecoin USDD, which TRON has recently launched, lost its stability in the last dollar. On June 19, the USDD price dropped as low as $0.93. But the blockchain company has taken proactive steps to bounce back from the decline. USDD price remains stable in dollar for now.
USDD filled a significant gap in the market when Terra UST collapsed. The fact that both stablecoins are algorithmic has drawn backlash with fears that a similar disaster will recur. But USDD is out of danger for now, after fluctuating for a while. Its circulating supply has exceeded 723 million.
TRX price also evaluates the positive atmosphere
For the past few months, there has been a lot of selling pressure on the global cryptocurrency market. As a result, the market has become more volatile. The total value of the cryptocurrency market has now approached $1 trillion. In the last decline, it regressed to the 750 billion dollar band.
Additionally, the price of TRX for TRON has lost 15% in the past 30 days. However, the cryptocurrency market as a whole started to recover again. Meanwhile, the TRX price has gained 6% at one point from last week. At the time of writing, it is trading at $0.068. It has remained relatively stable over the last 24 hours.
Meanwhile, gradual improvements are coming in the TRX chart after hitting its yearly low on June 15. It needed more than three weeks of trendline support to recover from its long-term support. Finally, traders need to follow Bitcoin and key developments while looking at TRX.
Latest Tron (TRX) news
According to the latest announcement by OKCOIN Japan, TRX will be included in the “Flash Deals” marketing service. As Cryptokoin.com reported, the launch date of this service is July 21, 2022. The decision for the annual percentage is 188%. Prior to that, TRON DAO Reserve collaborated with JustLend to expand into the DeFi market. Supply mining incentives will be issued in TRON’s stablecoin USDD through JustLend. As a result, it is foreseen that the danger of market volatility will be significantly reduced by protecting the interests of the user.
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