TRON DAO Reserve and USDD Prologue
On May 5, 2022, Justin Sun, founder of TRON DAO Reserve tweeted announcing about rolling out decentralized stablecoin USDD. The stablecoin was listed on SUNSWAP, Sun.io, Curve, Uniswap, Ellipsis, and Pancakeswap. The stablecoins listed on these names were a total of 100 Million.
The USSD stablecoin was a collaborative approach of TRON DAO Reserve and top-tier blockchain organizations. The USDD protocol operates on the TRON network further connected to the Ethereum and BNBChain via BTTC cross-chain protocol.
TRON DAO Reserve is moving towards strengthening its algorithmic stablecoin USDD. The Reserve has tapped the financial institution, Wintermute to collaborate minting and burning the stablecoin. Wintermute is a leading global crypto market maker with significant experience in the digital asset global market.
When the Terraform labs and their stablecoin UST were worn to ashes in the crypto market, stablecoins created a traction.In a matter of days LUNA’s price plummeted to zero creating a blunder. This brought TRON’s USDD under fire, when it started to lose its dollar parity against the US Dollar.
TRON DAO Reserve ‘Whitelisted’ an Organization – Wintermute
However, TRON DAO Reserve acted wisely, withdrawing billions of TRX from the centralized exchanges. In order to defend the peg they went all-in with billions of dollars to keep the stablecoin alive. This resulted in a well settled market fit for TRON claiming the lost grounds and surviving subsequent market crash. TRON also reported that USDD has 2.3 Billion USD backing it up and a market cap of approximately 700 Million USD as of July end.
From a recent report shared with our sources Wintermute has finally joined TRON DAO Reserve. Wintermute is the 9th member on the list and a whitelisted organization to mint and burn the USDD stablecoin.
The company is a white whale in the crypto trading market with an average daily trade volume of 5 Billion USD. Moreover, Wintermute, now a whitelisted organization, also facilitates OTC trading, and offers liquidity for centralized and decentralized exchanges.
Source: https://www.thecoinrepublic.com/2022/08/10/tron-dao-reserve-brings-wintermute-on-board-as-a-whitelisted-organization/