The Tron DAO Reserve has continued to purchase large quantities of crypto assets to bolster the project’s reserves.
Tron’s Justin Sun ‘Still Believes in Algorithmic Stablecoins’
Currently, on Saturday, May 14, 2022, the USDD stablecoin has a market valuation of around $272.36 million and there are 271,438,207 USDD in circulation at the time of writing. During the past day, USDD has seen $85.5 million in global trade volume and the crypto asset is 156th largest market cap. Similar to the Terra blockchain’s mechanism of burning LUNA to produce UST, to mint a single USDD it costs $1 worth of tron to issue the crypto asset. This means it can grow as large as the market allows it as it allows anyone to mint the stablecoin in a permissionless manner. However, with the market turmoil that took place because of the UST de-pegging event, it is safe to say the crypto community is leery of algorithmic stablecoin assets.
Despite the issues this past week, Tron founder Justin Sun talked to Coindesk’s Tracy Wang and he said that he is still optimistic about the algorithmic stablecoin model. “I still believe in algorithmic stablecoins,” Sun explained to Wang during a
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