Nidhi Kolhapur
TRX, Tron’s native coin, has been trending upwards since the beginning of the month. Tron has announced that its algorithmic stable currency USDD will be available soon and since then it has experienced an increase in interest. Tron was trading at $0.086 at the time of writing. After reaching the $0.09 resistance level, the coin saw a price drop.
In the event of positive pressure, the coin may rise towards the $0.1 mark. Despite the fact that the majority of the cryptocurrency market is in the red, Tron’s price has increased by 18% in the previous 24 hours.
Several big companies in the crypto sector appear to be interested in the Tron blockchain’s ideas for a decentralized reserve. USDD, Tron’s algorithmic stablecoin, went live earlier this week.
The $10 billion decentralized reserve designed for the blockchain is expected to assist maintain the USDD’s 1:1 peg to the US currency.
Last month, Tron founder, Justin Sun described an ambitious strategy to create and sustain the stablecoin. Sun also stated that the stablecoin will have a 30 percent yearly dividend, which is far greater than any other DeFi currency.
The fact that Tron would work with multiple big blockchain participants to construct the reserve was a critical part of Sun’s announcement. The project has found three so far.
Who is Backing Tron Reserve?
The crypto trader Alameda, which was formed by FTX CEO Sam Bankman-Fried, was the first Tron reserve whitelisted institution. The Tron project announced the move on its official Twitter account.
Tron announced that Singapore-based crypto startup Amber Group is the reserve’s second whitelisted institution. Amber is apparently hoping to more than treble its value to $10 billion, with government fund Temasek among its backers.
Poloniex, a cryptocurrency exchange, is the USDD reserve’s third main sponsor. Tron is a significant shareholder in the cryptocurrency exchange, which was purchased and spun out by stablecoin operator Circle in 2019.
