The price increase of TRON has enabled the stablecoin to recover from its recent dip.
TRON (TRX) prices have risen by more than 24% after the Federal Reserve of the United States hiked interest rates by 75 basis points. Meanwhile, Crypto Finance, an asset management firm, has backed the TRON blockchain.
The TRX token has had a rough week, falling in tandem with the other main cryptocurrencies. The latest spike, on the other hand, has helped the token recoup from its recent drop. TRX prices have fallen by approximately 23% in the last seven days. At the time of writing, it was trading at an average price of $0.0624.
The de-pegging of TRON’s stablecoin has been cited as one of the key reasons for TRX’s price drop. At the time of writing, the is trading at $0.977. The stablecoin has made some progress, rising by about 1.6 percent in the last 24 hours. The USDD token eventually reached a price of $0.96 on June 15, 2022. Meanwhile, the market circulation of TRON stablecoin is 723.3 million, while its market capitalization is $707.2 million.
However, the blockchain team has taken numerous attempts to counteract the recent drop. TRON CEO Justin Sun announced plans to remove 2.5 billion TRX tokens from the Binance cryptocurrency exchange. The value of the removed tokens was around $125 million. Meanwhile, TRX’s 24-hour volume has increased by around 70% to $2.6 billion.
TRON has partnered with Crypto Finance to give additional stability and worldwide growth for its coins. More TRON-based tokens will be released in the future, according to the statement. This collaboration will provide several network access points.
Crypto Finance will provide non-custodial storage based on the most advanced hardware security components. TRON will receive a custodial service that is compliant and regulated. Meanwhile, FINMA will grant it a 24/7 license, which will allow it to provide liquidity to banks and other financial service providers.
