Tron (TRX), despite a 6.1% decline at the beginning of the week, has surged 9.3% in the past week since the launch its stablecoin. Tron DAO bought more TRX tokens on Saturday to support its stablecoin.
Tron DAO reserves adds TRX to its new stablecoin
TRON DAO Reserve supports Tron’s new stablecoin USDD and noted that it purchased almost 504.6 million TRX tokens valued at $38.99million to support Tron and protect the entire blockchain market.
Tron also recently launched USDD stablecoin, which has exceeded the total circulating supply by $200 million in 48 hours. The 24 hour trading volume rose by 30%.
It seems that the token’s 30% high yield is attracting more adoption. This is also the highest yield stablecoin can offer.
TRON DAO Reserve praised the adoption of USDD and promised to approve 1,000,000 more tokens in the next 10 working days. The Reserve noted however that the allocation does not guarantee the issuance and circulation of the token. This is dependent on market demand.
Tron’s performance in the last 7 days
Justin Sun, founder of TRON, recently announced and launched the USDD stablecoin. This has given the TRX token a bullish momentum in a time when crypto markets were trading sideways.
TRX rallied by 34.1% over the past 7 days, with its 24-hour trading volume up more than 20% (over $38billion)
Whale Alert reports that there have been multiple transactions in which whales moved TRX tokens from Binance into unknown wallets. Four transactions totaling over $14 million have also been made, involving more than 96.4 million TRX tokens. The largest transaction was worth more than $15.4 million.
