Tron is seeking to stabilize USDD stablecoin
Due to market volatility, the price of the stablecoin fell below the value of one US dollar. The loss of the dollar peg occurred on June 13, when one USDD was valued at $0.95. For days now, the price of the stablecoin has remained below stable.
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According to representatives of TRON DAO Reserve, TRX cryptocurrency will be withdrawn from the Binance platform to support the crypto market. The transaction amount will be more than two and a half billion dollars – representatives of the organization published this information on Twitter.
The operation will be carried out in the framework of the blockchain industry’s protection and the cryptocurrency market’s support.
Previously, the organization had already tried to strengthen the USDD, for which it made a transaction of $100 million to buy TRX. The DAO also received 500 million USDC, which raised the stablecoin’s collateral rate to 310%. In total, bitcoins, TRX, USDT, and USDC amounting to 1.5 billion US dollars are on the organization’s accounts as of now. $723 million of collateral relates to assets withdrawn from Binance.
Notably, the cryptocurrency market will experience strong turmoil over the past three days. One of the main factors in the fall in the price of bitcoin and other cryptocurrencies was a sharp increase in inflation in the United States. According to analysts from Blofin, the cryptocurrency market’s capitalization on the night between June 13th and 14th fell below $1 trillion and amounted to $900 million. In turn, the price of bitcoin reached its 18-month low. Bitcoin is trading at around $21,000 apiece, and Ethereum is at around $1,120.
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