Tron DAO Buys TRX Worth $39M For USDD Reserves

Tron DAO Buys TRX Worth $39M For USDD Reserves
HeadlinesNewsTron DAO Buys TRX Worth $39M For USDD Reserves

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Tron DAO Buys TRX Worth $39M For USDD Reserves

Crypto Daily™2 months ago
Published on May 09, 2022 15:59 GMT+00:00edited on May 10, 2022 15:29 GMT+00:00

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504,600,250 TRX tokens were purchased at an average rate of $0.07727 to bolster the USDD stablecoin reserves. 

Tokens Bought To Bolster Reserves

The team at Tron DAO, which is the world's largest decentralized autonomous organization, announced the almost $39 million purchase of TRXs to bolster its USDD stablecoin reserves as directed by the founder Justin Sun to back the stablecoin with $10 billion worth of digital assets. 

The announcement tweet read as follows: 

“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have bought 504,600,250 TRX at 0.07727 average price with 38,993,043 USD.”

The USDD Journey And Roadmap

Back in April, while announcing the then-upcoming launch of the USDD (or Decentralized USD) stablecoin, founder …