The founder of the TRON blockchain Justin Sun clarified that the recent transfer of USDC with Circle is only “internal capital deployment and allocation,” shutting down rumors of cashing out.
These “in and out” moves according to Sun would be a routine affair, meaning as the business expands, the amount of related fund sorting and allocation will also increase simultaneously.
For the development of the industry is a good thing. We are highly optimistic about the blockchain, vigorously recruit, and continue to increase our holdings of TRX, HT and other TRON series of Domenico fiat currencies, and become a glorious fiat currency holder!
BlockBeats, a Chinese news website that first covered the news, cited on-chain statistics of Sun transferring a total of 2.36 billion USDC to Circle, since May 12 [after the crash of UST and LUNA].
The transfer raised eyebrows especially after Sun became a member of the newly formed Huobi Global’s advisory board, which last week outlined the cryptocurrency exchange’s future objectives, TronWeekly reported.
The crypto entrepreneur also revealed in an interview with Bloomberg that he owns “tens of millions” of HT, the Huobi digital exchange’s native token.
TRON Founder-Backed HT Token Grew By 80%
Following that appearance, rumors about Sun’s alleged holdings started to spread. Chinese reporter named Colin Wu tweeted that 74 million had been transferred from Huobi’s official wallets to wallets linked to the founder of Tron.
The value of HT increased by an astounding 80% over the course of the week, nearly wiping out all losses it had experienced since the year’s beginning.
The founder of Tron further stated that he wants to concentrate on Huobi’s international growth and, if regulations permit, eventually bring the exchange back to China, where it was originally based before leaving last year amid a broader crackdown on the cryptocurrency industry.
Apart from that, the TRON ecosystem got a major boost by signing a crucial agreement with the Dominican Republic government to serve as its designated national blockchain infrastructure.
Following the Caribbean island nation’s approval of Virtual Asset Business legislation in May 2022, the cooperation was established.
The government of Dominica has given the go-ahead for TRON to release Dominica Coin [DMC], a blockchain-based fan token, to support the island nation’s efforts to promote awareness of its natural heritage and tourist attractions on a global scale.