Geneva, Switzerland, 17th May, 2022, Chainwire
he TRON DAO Reserve has announced four more major players in the blockchain industry, Amber Group, Poloniex, ANKR, and Mirana following Alameda Research founded by Sam Bankman-Fried as the second, third, fourth, and fifth Members and Whitelisted Institutions to mint Decentralized USD (USDD).
USDD is a decentralized algorithmic stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. USDD is pegged to the US Dollar (USD) through TRX and maintains its price stability algorithmically under the guidance of the TRON DAO Reserve. It enables access to a stable and decentralized digital dollar system that in turn assures financial freedom for everyone. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future.
In light of the recent market events, the TRON DAO Reserve has increased its reserves and diversified its assets to include $82,341,872 worth of BTC, $181,643,872 worth of TRX, $295,200,000 worth of USDT, among others. There has also been a tremendous increase in TRC-20 UDSC issuance over the past week, pushing the total supply to over $2 billion, making TRON the third-largest blockchain to host USDC.
The newly admitted Reserve Members, along with the first Member Alameda Research, are approved collaborators granted with the right to mint and burn USDD. As Members and Whitelisted Institutions, they serve as advisors and make recommendations to improve, enhance and provide general support to the USDD network. They prepare for, attend, and fully engage in Reserve discussions and member meetings. They also commit to supporting the USDD community and raising awareness about the USDD network and the use of USDD in general.
Amber Group is a leading digital asset company operating 24/7 worldwide. They offer platforms for cryptocurrency trading and investments using digital assets. As of earlier this year, the company processed more than $1 trillion worth of crypto transactions cumulatively and managed over $5 billion in digital assets, according to Forbes.
Poloniex is a cryptocurrency exchange that combines low trading fees with a list of over 350 supported cryptocurrencies. The exchange has heightened popularity recently with more than $100 million in average daily trading volume.
ANKR is a decentralized Web3 infrastructure provider that helps developers, decentralized applications, and stakers interact easily with an array of blockchains. APIs and RPCs can be accessed to build DApps easily, stake on ANKR Earn, and obtain custom solutions for blockchain enterprise needs.
Mirana is a venture, trading, and asset management firm. They invest in entrepreneurs, projects, and funds with deal sizes ranging from $50,000 to $50 million. The company believes in a decentralized and tokenized future and is looking to support builders of the new paradigm.
“We welcome Amber Group, Poloniex, ANKR, and Mirana to join Alameda Research as Whitelisted Institutions and official Members of the TRON DAO Reserve,” said H.E. Justin Sun, Founder of TRON. “With the continued onboarding of expertise, we look forward to building the USDD network for a modern decentralized financial system on the blockchain while consolidating the value of USDD as a true settlement currency.”
USDD has seen a massive influx of interest since launch, with over $335 million TVL in under four days. Liquidity pools for USDD continue to grow on a variety of major DEXs, including Curve, Uniswap, PancakeSwap, Ellipsis, SunSwap, and KyberSwap. Updated liquidity pool data can be found below but should not be considered an exhaustive list
The TRON DAO Reserve website is now live, and historical token issuance records are published here.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of April 2022, it has over 92 million total user accounts on the blockchain, more than 3.2 billion total transactions, and over $8 billion in total value locked (TVL). In addition, TRON hosts the largest circulating supply of USD Tether stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the algorithmic stablecoin USDD was announced on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
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USDD is a decentralized algorithmic stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future. USDD is pegged to the US Dollar (USD) through TRX and maintains its price stability algorithmically under the guidance of the TRON DAO Reserve. It enables access to a stable and decentralized digital dollar system that in turn assures financial freedom for everyone.
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- Anjali George