504,600,250 TRX tokens were purchased at an average rate of $0.07727 to bolster the USDD stablecoin reserves.
Tokens Bought To Bolster Reserves
The team at Tron DAO, which is the world's largest decentralized autonomous organization, announced the almost $39 million purchase of TRXs to bolster its USDD stablecoin reserves as directed by the founder Justin Sun to back the stablecoin with $10 billion worth of digital assets.
The announcement tweet read as follows:
“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have bought 504,600,250 TRX at 0.07727 average price with 38,993,043 USD.”
The USDD Journey And Roadmap
Back in April, while announcing the then-upcoming launch of the USDD (or Decentralized USD) stablecoin, founder Justin Sun had revealed that the Tron DAO would partner with significant figures in the blockchain space to create the Tron DAO Reserve in order to focus on financial freedom through mathematics and algorithms. The stablecoin, which is pegged to the US dollar, has an exchange stabilized by the rules of supply and demand. This means that USDD tokens are regularly burnt to mint TRX, in order to maintain the price of USDD at a target value. The token, which circulates on the TRON blockchain (the world’s largest stablecoin network), Ethereum, BSC, and other networks, provides a fast and affordable experience to TRON users.
So far in its project roadmap, the issuance and circulation of the USDD token have been achieved. The next step in the roadmap will be to bring the decentralized testnet live, followed by the decentralized network and the mainnet.
USDD Boosting TRX
The circulating supply of the USDD stablecoin, which was launched on May 5, 2022, has already shot up by a whopping 100%. The initial circulating supply of the stablecoin was $116.7 million. However, in a span of just two days, it has crossed the $200 million mark. According to the Tron DAO website, the circulating supply of the USDD stablecoin at the time of writing is $255.9 million. The recent launch of the USDD stablecoin has boosted the price of the TRX crypto in the market by a considerable 32.54% just in the last week. This revaluation of the crypto has reentered TRX into the top 20 digital assets list on Coinmarketcap. Furthermore, the Tron DAO reserve has also signed three separate partnership deals with Alameda Research, the Amber Group, and the Poloniex Exchange.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.