In order to 'protect' against a market slump, Tron's DAO will purchase $1 billion USDT

Key points: 

• Tron's DAO will purchase more than $1 billion worth of the Tether (USDT) stablecoin to ease the market downturn.
• USDD fell 3% on Thursday amid the risk of contagion from liquidity issues at FTX and Alameda Research.

Tron’s Decentralized Autonomous Organization (DAO), a community-focused entity that supports the growth of the Tron network, said it will purchase more than $1 billion worth of the Tether (USDT) stablecoin to ease the market downturn.

USDT fell 3% on Thursday amid the risk of contagion from liquidity issues at cryptocurrency exchange FTX and related trading house Alameda Research, Btcman reported.

“To protect the entire blockchain industry and crypto market, TRON DAO Reserve will buy $300,000,000 of #USDT on the market,” Tron DAO tweeted.

In a follow-up tweet, the Tron DAO stated that they would increase the purchase amount to over $1 billion. “You can see the balance change on Usdd.io, the entire reserve will be in CEX,” Tron told The DAO.

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 http://usdd.io and all the reserve will be in CEXs.