The decentralized autonomous organization Tron Dao Reserv said that it would withdraw from the Binance platform TRX cryptocurrency by $ 2.5 billion “to protect the blockchain industry and the cryptocurrency market.”
To Safeguard The Overall Blockchain Industry and Crypto Market, Tron Dao Reserv Will Withdhdhdhdhdhdhdhdhdhdhdhdhlion #TRX OUT of BINANCE.
– Tron Dao Reserve (@trondaoreserve) June 15, 2022
Previously, Tao transferred 100 million USDT to Binance for buying TRX. The operation was part of the efforts to maintain the stability of the USDD algorithmic stabiblcoin.
On June 13, against the backdrop of the volatility of the cryptocurrency market, the USDD has lost its paratite for the US dollar. Stablecoin for the third day can not return the binding to an anchor asset. On Tuesday and Wednesday, its price dropped to $ 0.95.
At the time of writing, a “stable coin” is traded near $ 0.97.
An hourly USDD/USDT schedule Poloniex Exchange. Data: TradingView.
On June 14, Tron Dao Reserv received 500 million USDC and brought the USDD support rate to 310%. Its addresses stores over $ 1.5 billion in bitcoin, USDT, USDC and TRX. Part of the security (more than $ 723 million) also falls on cryptocurrency, which was taken out of circulation in the process of emission of stablecoin.
Data: Tron Dao Reserve.
Recall that after the collapse of UST and LUNA, the TRON team said that it modifies the USDD in the “rebelled stablecoin”.