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


advertisement

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

Track live crypto price of 10000+ coins!


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

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, The Block reported at the time.

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.

Related:  21-year-old got ‘thought-provoking’ questions after teaching crypto to old folks

Tron said that 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.

Trending Stories




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: