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Usha Yadav
Jul 9, 2022
by Usha Yadav

Justin Sun Ready to Spend up to $5 Billion to Help Ailing Crypto Firms

Justin Sun $5 Billion

Table of contents

  1. Justin Sun Ready to Spend $5 Billion Buying Cryptocurrencies
  2. Introducing USDD
Justin Sun declared he was prepared to spend $5 billion buying crypto companies. Tron, a decentralized blockchain platform that houses the TRX (TRX-USD) token, was founded by Sun.

 

Justin Sun Ready to Spend $5 Billion Buying Cryptocurrencies

Sun claimed that plenty of crypto companies have already contacted him for financial assistance after tweeting that he is "ready to serve."

"We are actively reviewing it and seeing what we can do here. We are ready to spend [$]5 b[illion] on helping the industry builder[s] to continue [to] build."

Sun would not specify which investment banks he had already contacted, but they may assist with potential deals. In addition, he has already had contact from 50 to 100 cryptocurrency companies. There are currently $2.3 billion in reserves in Tron's DAO. Sun stated that the $5 billion would consist of his funds and Tron's. He added that, on the plus side, he thought the worst of the crypto winter had passed.

Introducing USDD

Sun declared in April that Tron would introduce USDD, a new algorithmic stablecoin (USDD-USD). The stablecoin will continue to be tied to the dollar with the aid of TRX. According to Sun, the algorithm will guarantee that the USDD will remain fixed "independent of market conditions." Additionally, the USDD will receive custodial reserves of up to $10 billion in "liquid assets' ' from the Tron decentralized autonomous organization (DAO) to act as the stablecoin's collateral backing.

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Justin Sun Ready to Spend up to $5 Billion to Help Ailing Crypto Firms
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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