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Tron's DAO to Purchase $1B USDT to 'Safeguard' Against Market Slump
USDT slipped to as low as 93 cents in the European afternoon hours.
Tron's decentralized autonomous organization (DAO), a community-focused body that supports development on the Tron network, said that it would purchase over $1 billion worth of tether (USDT) stablecoins to cushion against a market decline.
- "To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase $300,000,000 #USDT in the market," Tron DAO said in a tweet.
- In a follow-up tweet, Tron DAO said it would increase the purchase amount to over $1 billion. "You may see the change of balance on Usdd.io and all the reserve will be in CEXs," Tron DAO said.
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase total 1 billion USDT. You may see the change of balance on https://t.co/L52UWqhmkR and all the reserve will be in CEXs.
— TRON DAO Reserve (@trondaoreserve) November 10, 2022
STORY CONTINUES BELOW
- USDT slipped 3% on Thursday amid contagion risks stemming from liquidity issues at crypto exchange FTX and its related trading arm Alameda Research, as CoinDesk reported.
UPDATE (Nov. 11, 13:23 UTC): Updates purchase figures committed by Tron DAO.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
