Tron DAO Adds 445M USDC; Will It Pump TRX price?

The TRON DAO Reserve announced that it has added more funds to its reserves. The announcement mentioned that it is done in order to safeguard the overall blockchain industry and crypto market.

USDC supply on TRON reaches $3.3 bln

Justin Sun, TRON’s head mentioned that they have increased 445 million USDC on TRON. With this move, now USDC’s supply on TRON has reached around $3.3 billion.

TRON DAO Reserve added that it has purchased another $20 million worth of USDD tokens and TRX tokens. This addition took place in 2 transactions.

Last month, TRON’s newly launched stablecoin de-pegged from its fixed dollar value. USDD price dropped to as low as $0.93 on June 19, 2022. However, the blockchain firm took proactive measures to recover from the drop.

Meanwhile, USDD has managed to grab the opportunity that emerged due to the collapse of TERRA’s stablecoin UST. Its total circulating supply has reached 723 million.

TRX price up 6% in last 7 days

The global crypto market is trading under tremendous selling pressure over the past few months. This has led to increased volatility in the market. The market has shrunk to stand at $948 billion.

TRON’s TRX price has also dropped by 15% over the last 30 days. However, as the crypto market saw a broad recovery TRX price has also jumped by 6% over the last 7 days. It is trading at an average price of $0.068, at the press time. It is the 13th largest token with a market cap of around $6.3 billion.

As per the recent announcement by OKCOIN Japan, the “Flash Deals” campaign service will be listing TRX tokens. This service will go live on July 21, 2022. The annual rate has been fixed at 188%.

Earlier, TRON DAO Reserve joined hands with the JustLend to expand its DeFi Business. JustLend will be distributing the supply mining rewards in TRON’s stablecoin, USDD. It added that this will effectively reduce the risk of market fluctuation protecting the user’s interest.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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