Tron has withdrawn 2.5 billion TRX from Binance in order to prevent the USDD from being de-pegged

Tron has withdrawn 2.5 billion TRX from Binance in order to prevent the USDD from being de-pegged

TRON DAO Reserve, which controls the stablecoin USDD, just tweeted that it is withdrawing 2.5 billion TRX from Binance to protect the global blockchain sector and crypto market. 

The TRONDAO reserve disclosed two unique WhaleAlerts transactions in two consecutive tweets.

The first transaction was the transfer of 339,999,999 TRX (16,960,959 USD) from Binance to an unknown wallet, while the second involved the transfer of 499,999,999 TRX (25,173,868 USD) from Binance to an unknown wallet.

Earlier this week, Tron DAO Reserve announced that 700 million USDC (almost $700 million) had been placed into TRON DAO Reserve to protect the USDD peg during the current market sell-off. Another $100 million USDC was also put on Binance to acquire more TRX, according to a tweet.

Tron creator Justin Sun revealed that the TronDAO reserve acquired an additional 500 million USDC yesterday to protect the USDD peg.

As CoinGabbar earlier reported, Tron DAO Reserve said that it had raised the 650 million USDC supply on Tron by $2.5 billion. It claims it did so to protect the blockchain sector and cryptocurrency market as a whole.

Tron has been fighting to preserve its ecosystem since the beginning of the week when Tron creator Justin Sun stated that the financing rate for shorting TRX on Binance has plunged to a negative 500 percent APR. As a result, he asserted that the Tron DAO Reserve has spent $2 billion fighting the "huge shorts."

The price of TRX and USDD

TRX, Tron's cryptocurrency, has had a similar destiny to the rest of the market, falling 30.78 percent in the last week. TRX is now trading at $0.054, down 9.67 percent in the last 24 hrs. 

Meanwhile, according to Coingabbar statistics, Tron's stablecoin, USDD, was trading at $0.97, down 1.12% in the past 24 hours.