TRON transferred part of its USDT reserves into bitcoin to secure the USDD stablecoin
The organization has added another 1000 BTC, bringing its total balance in the first cryptocurrency to $420 million
07.06.2022 - 15:10
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What’s new? TRON DAO Reserve (TDR), a decentralized autonomous organization, has transferred 100 million USDT from its reserves to crypto exchange Binance to buy bitcoins. This was announced by TRON CEO Justin Sun on Twitter. With these funds, TDR has added another 1000 BTC to secure its USDD algorithmic stablecoin. The organization has 14 040,6 bitcoins ($419,6 million as of June 7), 140 million USDT, and 1,9 billion TRON native tokens (TRX) on its balance sheet.
TRON is a decentralized network and platform for decentralized applications (dApps). Transactions and operations on it are done with the TRX token, which can be used for staking, voting, or transferring value across the network.
Earlier, Justin Sun reported plans to implement an “over-collateralized” model for USDD to avoid the rate crash that happened earlier with the TerraUSD (UST). TDR will set the reserve amount at 130% of the total amount of coins issued. It will be based on a basket of fiat-collateralized stablecoins and coins such as BTC and TRX.
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