ICYMI: Justin Sun announced a purchase of 600 million $TRX amid market turmoil Tron $UST $BTC Bitcoin
In a similar way to Terra's UST mechanism, Tron’s USDD stablecoin is backed with Bitcoin and TRX cryptocurrencies, which might be a questionable way of keeping a stable's peg to the dollar as the market already saw an unpleasant case with Terra.
Justin Sun's TRON DAO Reserve just announced the purchase of 595,729,832 TRX for $45,641,630 at an average price of 0.07661; and 500 BTC for $15,515,675 at an average price of 31031.35.USDD had already been listed on Pancakeswap, Kyberswap, Sunswap and other large decentralized exchanges and platforms.
As the blockchain explorer's page suggests, there are 255 million USDD in circulation as Tron is accumulating their reserves to back the stablecoin. By using the large collateral behind an asset, an issuer can control its supply and dictate the price on the market, which essentially allows stablecoins to exist.
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