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The Tron DAO Reserve will remove another 3 billion TRX (valued at around $180M) from crypto exchanges as it supports the price of Decentralized USD, a stablecoin known as USDD.
Source: Twitter
TRX USD down -4.92%, BTCUSD down -6.90%
In a tweet, the Tron DAO Reserve stated that withdrawing Tron (TRX) tokens from unnamed centralized and decentralized exchanges back to its control will protect the overall blockchain industry and crypto market.
The DAO Reserve’s decision to reduce TRX’s liquidity emerges as USDD, an algorithmic stablecoin inspired by now-defunct TerraUSD, trades below one dollar for the fourth consecutive day.
The token is now trading at $0.975 after dropping to a low of $0.959.
After its recent withdrawal, the DAO Reserve will have removed 5.5 billion TRX from exchanges in the last two days, or almost 6% of its total circulating supply.
The withdrawal of a token from exchanges is a highly complex process, even though controlling liquidity can limit the ability of short sellers to bet against Tron.
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