Why Is Tron (TRX) Trading Higher Today?

Tron (CRYPTO: TRX) spiked Thursday evening after its founder Justin Sun penned a blog on the issuance of a USDD, a  decentralized algorithmic stablecoin.

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What’s Pushing Tron Higher Today?

• TRX rose on Thursday even as major cryptocurrencies like Bitcoin, Ethereum and Dogecoin (CRYPTO: DOGE) slid lower over 24 hours, and the global cryptocurrency market cap fell 3% to $1.9 trillion
• TRX was seen trending on CoinGecko at press time. It was the second-highest gainer on CoinMarketCap over 24 hours after Decred (DCR)
• The 24-hour trading volumes of TRX spiked 248.6% to $3.42 billion, according to data from CoinMarketCap

USDD Buzz.

Sun said that TRON DAO has “joined hands with other major blockchain players” to launch USDD (Decentralized USD). 

USDD on TRON is scheduled to be issued and enter circulation on May 5, 2022, according to Sun. 

Sun said on Twitter that the USDD Network will provide custody service for $10 billion of “highly liquid assets” raised from blockchain industry initiators. The funds will be used as an “early-stage reserve.”

The Tron DAO reserve will “set its basic risk-free interest rate to 30% per annum,” according to Sun.

The @usddnetwork will provide custody service for the $10B worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve.

�The @trondaoreserve will set its basic risk-free interest rate to 30% per annum.#USDD #TRONDAOReserve pic.twitter.com/HrYeGmwWp0

— H.E. Justin Sun  (@justinsuntron) April 21, 2022

Sun Transfers Ethereum

On Thursday, the journalist Colin Wu noted that Sun’s wallet transferred 38,400 ETH worth nearly $120 million to Binance.

Justin Sun’s wallet (0x176F3DAb24a159341c0509bB36B833E7fdd0a132) transferred 38,400 ETH to Binance four hours ago (Apr-21-2022 19:44:51 UTC+8), worth about $120 million.

Related link: https://t.co/IeawJIlBV7

— Wu Blockchain (@WuBlockchain) April 21, 2022

Sun has made such large transfers in the past as well. $55 million worth of ETH was moved to Binance in March, as an example. 

Justin Sun’s wallet (0x176F3DAb24a159341c0509bB36B833E7fdd0a132) transferred 38,400 ETH to Binance four hours ago (Apr-21-2022 19:44:51 UTC+8), worth about $120 million.

Related link: https://t.co/IeawJIlBV7

— Wu Blockchain (@WuBlockchain) April 21, 2022

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Photo courtesy: TRON