Tron Founder Justin Solar confirms the acquisition of 1M UST

by Cryptospacey

The founding father of the famend open-source blockchain-based working system Tron, Justin Solar, has reportedly bought TerraUSD (UST) by way of Curve Finance. 

Justin Solar bought 1M UST on Curve

Chinese language journalist Colin Wu’s workforce has captured Solar’s UST buy and shared the particulars to disclose that he has purchased 1 million UST on Curve Finance.

Justin Solar’s buy of UST follows an earlier Tweet through which he acknowledged his intention to purchase the stablecoin. Solar was requested what he was as much as by Terra’s Do Kwon in response to the unusual announcement. “I’ll have a secret plan,” Justin Solar replied.

Justin Solar has nonetheless not revealed his plans for the UST he lately bought. Members of the crypto-twitter neighborhood consider he’ll both put it to use as a reserve for Tron’s USDD stablecoin or commit the funds to a UST-USDD pool.

Solar’s secret plan got here inside hours of TerraUSD (UST) depegging because of an enormous promoting of the stablecoin on Curve and Binance.

Launch of USDD

As introduced by Justin Solar, Tron has launched its personal decentralized algorithmic stablecoin USDD, which is at present obtainable on Ethereum and BNBChain. It guarantees to reward a primary “risk-free” rate of interest of 30% to all customers.

Whereas the key plan of the founder remains to be a secret, USDD is analogous in virtually each technique to UST. Its value is carefully pegged to that of the US greenback by way of Tron’s native token TRON and USDD. Like Luna Guard Basis, Tron has additionally hinted at its intentions to maintain $10 billion price of Bitcoin and different cryptocurrencies in reserve to assist USDD.

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