Despite starting the week down 6.1%, Tron (TRX) has surged 9.3% over the past week following the launch of the new stablecoin.
On Saturday, Tron DAO bought more TRX tokens to back its new stablecoin.
Tron DAO Reserve Adds More TRX to Back Its New Stablecoin
The TRON DAO Reserve, which backs the new Tron stablecoin USDD, noted that it has purchased nearly 504.6 million TRX tokens worth $38.99 million to support the new stablecoin and protect the entire crypto market and blockchain industry.
To protect the entire blockchain industry and crypto market, TRON DAO Reserve bought 504,600,250 #TRX at an average price of 38,993,043 #USD at 0.07727.
— TRON DAO Reserve (@trondaoreserve) May 7, 2022
In addition, TRON’s recently launched stablecoin USDD surpassed the total circulating supply of $200 million in just 48 hours, with a 30% increase in 24-hour trading volume.
The 30% high yield of the token seems to be attracting more token adoption, in addition this is the highest yield offered by any stablecoin in the market.
TRON DAO Reserve noted the rapid adoption of USDD and pledged to approve another 1 billion tokens on its network within the next 10 days. However, the reserve also pointed out that obtaining a quota does not guarantee the issuance or circulation of the token, which depends on market demand.
#USDD is growing so fast that we have decided to license another 1 billion #USDD over the next ten days. Note that authorization does not imply issuance or circulation, it depends on market demand.
— TRON DAO Reserve (@trondaoreserve) May 7, 2022
Tron’s performance over the past 7 days
The recent announcement by TRON founder Justin Sun and the launch of the USDD stablecoin put the TRX token in a bullish momentum as the cryptocurrency market traded sideways.
TRX has gained 34.1% in the past 7 days, and its 24-hour trading volume has increased by more than 20% (over $3.8 billion).
According to the Whale Alert report, whales have moved TRX tokens from Binance to various unknown wallets in multiple transactions. Additionally, more than 96.4 million TRX tokens have been transferred, with four different transactions recording over $14 million. The largest transaction recorded over $15.4 million.
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