November 24, 2024

Tron’s DAO to Purchase $300M USDT to ‘Safeguard’ Against Market Slump

USDT #USDT

( Alexander Grey/Unsplash) © Provided by CoinDesk ( Alexander Grey/Unsplash)

Tron decentralized autonomous organization (DAO), a community-focused body that supports development on the Tron network, said that it would purchase over $300 million worth of tether (USDT) stablecoins to cushion against a market decline.

  • “To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase $300,000,000 #USDT in the market,” Tron DAO said in a tweet.
  • USDT slipped 3% on Thursday amid contagion risks stemming from liquidity issues at crypto exchange FTX and its related trading arm Alameda Research, as CoinDesk reported.
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