Source: The Block
The Tron decentralized autonomous organization is set to withdraw another 3 billion TRX from crypto exchanges in a bid to support Decentralized USD moving forward. TRX is up 2.82%, while USDT is up 0.03%.
- Tron DAO said it will acquire another 3 billion TRX, estimated to be worth $180 million based on the prevailing price.
- The organization took to Twitter to announce the withdrawal, adding this is in a bid to “safeguard the overall blockchain industry and crypto market.”
- The planned withdrawal seeks to cut down TRX liquidity, as USDD has fallen under a dollar for the fourth straight session.
- The development will bring DAO Reserve’s withdrawals to a total of 5.5 billion TRX, equivalent to almost 6% of the total supply.
- The failure of the token to maintain its dollar peg raises inflationary pressure on Tron to create more tokens to defend it.