• TRX prices rise by 7% as Tron purchases this stablecoin at a discount

  • Every cryptocurrency is attempting to keep its ground in the midst of the current market crash. Many crypto leaders are shifting funds in this bid to protect the stability of their network’s tokens. TRON Founder Justin Sun recently revealed a $2 billion reserve to protect TRX, the company’s native token, during Terra’s historic drop.

    TRON purchases USDT for $98 million.

    The TRON DAO Reserve, which backs its stablecoin USDD, has announced a safeguard. It stated that they purchased approximately 100 million Tether (USDT) at an average price of $0.982. It only cost them $98.2 million. TRON simply purchased the dip.

    USDT, the largest dollar-pegged stablecoin, fell by 4.8 percent to $0.95. It has dropped to its lowest level since the 2017 bitcoin meltdown. However, the USDT has returned to $0.99 in a matter of hours. It has fallen 0.78 percent in the previous 24 hours.

    TRX coin has benefited from this trade, with its price increasing by more than 7% immediately following the news. At the time of writing, the TRON coin was trading at an average price of $0.07. Its 24-hour trade volume has increased by 30% to $4.2 billion. TRX was possibly one of the coins that survived the crash with the green indexes. TRON has increased by 17 percent in the last 30 days, whereas Bitcoin has decreased by 30 percent.

    TRON adds $400 million to USDC and TUSD supply.

    TRON Network also announced that it will boost the $400 million supply of USDC and TUSD on TRON within the next two hours. Both stablecoins will see a $200 million rise. TRON DAO Reserve already purchased approximately $97 million in TRX tokens to protect the crypto market. The purchase was made at a cost of $0.0661 on average. TRON has also injected 1,000 Bitcoins at an average price of $30,096 to safeguard the market’s stability.

    According to WhaleStates, over $20.9 million in TRX tokens were transferred from the Binance crypto exchange to several wallets.

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