Although Tron (TRX) began the week with a 6.1% decline, it has surged 9.3% over the past seven days following the launch of its new stablecoin.
On Saturday, Tron DAO purchased additional TRX tokens to support the new stablecoin.
Tron DAO Reserve buys more TRX to back its new stablecoin
TRON DAO Reserve, which backs the newly launched Tron stablecoin USDD, reported that it bought nearly 504.6 million TRX tokens worth $38.99 million to support the stablecoin and help safeguard the broader crypto market and blockchain ecosystem.
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have bought 504,600,250 #TRX at 0.07727 average price with 38,993,043 #USD.
— TRON DAO Reserve (@trondaoreserve) May 7, 2022
Tron also announced that USDD exceeded $200 million in circulating supply within 48 hours of launch, while 24-hour trading volume rose by 30%.
The token’s advertised 30% yield appears to be drawing strong adoption, as it represents one of the highest yields offered by any stablecoin on the market.
TRON DAO Reserve noted the rapid uptake of USDD and said it will authorize an additional 1 billion USDD within the next ten days. The Reserve emphasized that authorization does not guarantee issuance or circulation; actual issuance will depend on market demand.
#USDD is increasing at such a rapid rate that we have decided to authorize 1 more billion #USDD in the next ten days. Be aware that authorization doesn’t mean issuance or circulation, which depends on market demand.
— TRON DAO Reserve (@trondaoreserve) May 7, 2022
Tron performance over the past 7 days
Justin Sun, TRON’s founder, and the USDD launch have given TRX bullish momentum while the broader crypto market trades sideways.
Over the last week, TRX climbed 34.1%, and 24-hour trading volume increased by more than 20%, exceeding $3.8 billion.
Whale Alert reports highlighted several large transfers of TRX from Binance to unknown wallets. In total, transfers exceeding 96.4 million TRX were recorded across four transactions worth more than $14 million, with the largest single transfer valued at over $15.4 million.