After the FTX exchange went bankrupt and Binance stopped buying FTX Bitcoin (BTC) and altcoinsharp declines occurred.
The bearish mood in the cryptocurrency market due to FTX and Alemada is the largest stablecoin Tether USD (USDT) also affected.
losing stability to the dollar USDTIt is trading at $0.987 at the time of writing.
This post depeg on Tether Tron (TRX) Tron DAO, the autonomous organization that supports its network, announced that it will purchase over $300 million in Tether (USDT) to stem the market downturn.
TRON DAO Reserve announced that it will purchase $300 million USDT from the market to protect the crypto market.
— Bitcoin System (@bitcoinsystem) November 10, 2022
Tron DAO made a statement on Twitter “To protect the overall blockchain industry and crypto market, TRON DAO Reserve will purchase $300,000,000 USDT.” said.
USDT Updating the acquisition announcement, Tron DAO stated that the USDT balance has changed and said:
“There has been a change in the USDT balance that TRON DAO Reserve will purchase to protect the overall blockchain industry and crypto market.
TronDAO Reserve will purchase a total of 1 billion USDT.”
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase total 1 billion USDT. You may see the change of balance on https://t.co/L52UWqhmkR and all the reserve will be in CEXs.
— TRON DAO Reserve (@trondaoreserve) November 10, 2022
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