TRON DAO Reserve Will Withdraw 2.5 Billion TRX Out of Binance

TRON DAO Reserve, a decentralized autonomous organization, said it will withdraw $2.5 billion in TRX coins off the Binance platform “to preserve the blockchain industry and the cryptocurrency market.” The DAO has already sent 100 million USDT to Binance to purchase TRX. The transaction was made as part of an effort to maintain the USDD algorithmic stablecoin’s stability. To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will withdraw 2.5 billion #TRX out of binance. — TRON DAO Reserve (@trondaoreserve) June 15, 2022 USDD Lost Parity USDD lost parity with the US dollar on June 13 as the cryptocurrency market became more volatile. On Monday’s evening trading sessions, bitcoin (BTC) prices fell below $21,000, but they remained just over the all-time high achieved in 2017. Despite a slight increase in crypto prices on Tuesday, the USDD remained below the $1 parity. For the third day in a row, the stablecoin cannot restore the link to the anchor asset. Its price plummeted to $0.95 on Tuesday and Wednesday. The stablecoin is currently trading around $0.97 at the time of writing. TRON DAO Reserve Received 500 Million USDC TRON DAO Reserve received 500 million USDC on June 14, and the USDD collateral rate was adjusted to 310 percent. Over $1.5 billion in bitcoin, USDT, USDC, and TRX is held in its addresses. The cryptocurrency, taken from circulation in the process of producing a stablecoin, is also resp...