The TRON DAO Reserve increased its USDC supply by $400 million bringing the total circulating supply of stablecoin beyond $1 Billion
Tron Increases Stablecoin Total Circulating Supply To $1.241 Billion
The TRON DAO Reserve boosted the supply of USDC stalecoin on the TRON network by $260 million. The new inclusion brings Tron’s USDC stablecoin supply to $1.241 billion in total circulating supply.
This follows Tron’s recent purchases of many stablecoins. The TRON DAO Reserve boosted its USDC supply by $400 million on Friday, bringing the total supply to $938 million.
TRON purchased 200,000,000 USDT for $197,000,000 earlier on Thursday at an average price of $0.985. “To defend the overall blockchain sector and the crypto economy,” the Tron blockchain announced.
Prior to that, the TRON DAO Reserve purchased 100,000,000 USDT for $98,200,000 at an average price of $0.982. In addition, the network added $200 million to the supply of USDC and TUSD on TRON.
This is in addition to Bitcoin purchases, the most recent of which is 1249.57 in Bitcoin with an average price of $29,394 and a total value of $36,730,197.
The transactions coincide with the May 5 introduction of Tron’s USDD stablecoin. After the first depegging from the $1 level, Terra’s UST began to exhibit indicators of a price drop only a few days later.
The UST stablecoin pricing has lost 99 percent of its value since the depeg on Monday.
Tron’s USDD stablecoin was formally listed on the Huobi exchange on Friday, in a recent move.
This was in the midst of the Terra blockchain’s unparalleled meltdown and the market’s following testing of stablecoin values.
Terra Drop Affects Stablecoin Price
Meanwhile, the cryptocurrency ecosystem as a whole has been in jeopardy because of Terra’s recent drop. Bitcoin’s price is hovering around $30,000, down almost 50% from its all-time high of $68,990 in the last few days.
Terra founder Do Kwon later devised a proposal to resurrect the Terra blockchain network. Furthermore, the founder stated that their Bitcoin reserve should be used towards the rescue plan.