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The Tron DAO Reserve has slashed its USDD stablecoin Bitcoin reserves by 42%, transferring 4,000 BTC to HTX. Justin Sun has elaborated on the rationale, linking it to foundational DeFi mechanisms.
USDD Bitcoin Reserves Drop, Funds Reinvested in HTX
A significant decision was made by the Tron DAO Reserve to withdraw Bitcoin from the USDD stablecoin reserves and reinvest the funds in HTX coin.
As of this writing, Tron's stablecoin Dollar peg has seen some volatility, falling by 0.17% to $0.9989, putting crypto industry analysts on the edge of their seats.
Arkham Intelligence data reveals that 4,000 Bitcoins were sent to HTX from the Tron DAO Reserve address during the past three days. Despite progressively cutting their Bitcoin reserves by 42% over the past year, they still have 8,000 Bitcoins on hand.
Tron Holds $1.723 Billion in Collateral for USDD
With a significant collateral value of $1.723 billion, the current supply of USDD stands at 745 million. It turns out, though, that 10.93 million TRX—Tron's native cryptocurrency—backs nearly all of this collateral.
Founder Justin Sun compared the USDD stablecoin to MakerDAO's DAI and explained how it works.
Justin Sun Defends USDD’s Collateralization Strategy
According to Coingape, whenever the collateral rises above a certain threshold, often between 120% and 150%, the holders of the collateral are allowed to withdraw their assets, according to his explanation of how USDD works. However, in order to prevent liquidation, it will add further collateral once the value drops below 110%. "This is part of the basics of DeFi 101," he noted.
The USDD currently has a collateralization rate more than 300%, which suggests that it is not very efficient with its money. In order to make USDD a more competitive decentralized stablecoin, Sun mentioned that the TRON DAO Reserve intends to enhance it. Additionally, he stressed that stablecoins have a grip in Tron.
The significant rise in network activity caused by the memecoin frenzy on the Tron blockchain has resulted in a 19% gain for the TRX price on the weekly chart.
With a market valuation of $13.45 billion, TRX is presently trading at $0.1548 and is in a tight race for tenth place with ADA, Cardano's cryptocurrency. A return to the all-time high of $0.20 is in the cards for the TRX price as it continues its current rise.
Tron’s TRX Rises Amid Increased Blockchain Revenue
The Tron network's daily revenue has experienced a significant increase due to the memecoin frenzy on the SunPump platform. Justin Sun has set an ambitious goal of $4 billion for the coming year.
Although Sun is confident in his memecoin strategy, he proposes spending $1 billion of the revenue on stakers and transaction fees while setting aside $2 billion.
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