Justin Sun, the founder of Tron, has announced a $2 billion reserve to defend TRX from rising short interest.
Many crypto leaders are announcing plans and measures to counter the cryptocurrency carnage as it intensifies. Do Kwon, the founder of Terra, recently revealed plans to revive the UST stablecoin, but prices have since plummeted.
The TRX network, like UST, debuted USDD a few days ago. After LUNA, Justin Sun believes TRON (TRX) will be the next target. He stated that the funding rate for shoring TRX on the Binance cryptocurrency market has above 100% APR. The Tron DAO Reserve will spend $2 billion to combat the price action in order to avoid the dump.
During market turbulence, Sun added, the USDD has stayed stable. TRX’s stablecoin now has a total cap of $270 million, while TRX DAO Reserve has a value of $10 billion. With a little deflection, the USDD coin is currently trading at $0.995. He also claimed that TRX’s funding rate on Binance is roughly -0.3448 percent, or -1.0344 percent, or -377.556 percent annual percentage rate.
Tron joins the stablecoin club
Tron DAO’s own $USDD is now accessible on Multichain DEX (previously AnySwap), among PancakeSwap, Uniswap, Ellipsis, and sunSwap, the first to list stablecoin.
Users can now use Multichain services to randomly connect $USDD between BitTorrent, Ethereum, Fantom, and Avalanche platforms.
Nothing will stop the self-acclaimed “Terra Destroyer” and its well-known founder, Justin Sun, from developing and grabbing new crypto niches.
The spread of the $USDD on decentralised exchanges follows in the footsteps of the Tron Foundation, which announced its reformation as Tron DAO in January and stated that it was working “towards the mission of delivering the Global Human Settlement Layer of the future.”
TRX DAO’s own “revolutionary” stablecoin, $USDD, arose as a result of completing this aim. TRXn DAO, which is backed by TRX and $10 billion in cryptocurrency assets, the specific composition of which is unknown, has also announced a $1 billion extra authorization starting on May 7.
Tron DAO then bought 500 BTC and around 600 million TRX on May 10 in accordance with the intentions, “to defend the overall blockchain sector and crypto market.”