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Usha Yadav
Jun 15, 2022
by Usha Yadav

TRON DAO Reserve Will Withdraw 2.5 Billion TRX Out of Binance

TRON DAO Reserve

Table of contents

  1. USDD Lost Parity
  2. TRON DAO Reserve Received 500 Million USDC
TRON DAO Reserve, a decentralized autonomous organization, said it will withdraw $2.5 billion in TRX coins off the Binance platform "to preserve the blockchain industry and the cryptocurrency market." The DAO has already sent 100 million USDT to Binance to purchase TRX. The transaction was made as part of an effort to maintain the USDD algorithmic stablecoin's stability.

 

USDD Lost Parity

USDD lost parity with the US dollar on June 13 as the cryptocurrency market became more volatile. On Monday's evening trading sessions, bitcoin (BTC) prices fell below $21,000, but they remained just over the all-time high achieved in 2017. Despite a slight increase in crypto prices on Tuesday, the USDD remained below the $1 parity. For the third day in a row, the stablecoin cannot restore the link to the anchor asset. Its price plummeted to $0.95 on Tuesday and Wednesday. The stablecoin is currently trading around $0.97 at the time of writing.

TRON DAO Reserve Received 500 Million USDC

TRON DAO Reserve received 500 million USDC on June 14, and the USDD collateral rate was adjusted to 310 percent. Over $1.5 billion in bitcoin, USDT, USDC, and TRX is held in its addresses. The cryptocurrency, taken from circulation in the process of producing a stablecoin, is also responsible for a portion of the collateral (about $723 million).

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TRON DAO Reserve Will Withdraw 2.5 Billion TRX Out of Binance
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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