Tron's decentralized autonomous organization (DAO), a community-focused body that supports development on the Tron network, said that it would purchase over $1 billion 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.
- In a follow-up tweet, Tron DAO said it would increase the purchase amount to over $1 billion. "You may see the change of balance on Usdd.io and all the reserve will be in CEXs," Tron DAO said.
- 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.
UPDATE (Nov. 11, 13:23 UTC): Updates purchase figures committed by Tron DAO.
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