TRON DAO Reserve Appoints Alameda Research as the First Member and Whitelisted Institution
PRESS RELEASE. Geneva, Switzerland / May 6 / – The TRON DAO Reserve has announced Alameda Research as the first Member and Whitelisted Institution to mint Decentralized USD (USDD), a fully decentralized stablecoin underpinned by mathematics and algorithms. The TRON DAO Reserve aims to support the global blockchain industry and crypto market, prevent panic trading caused by extreme market volatility, and mitigate long-term economic downturns.
Alameda Research is a leading principal trading firm. They use internally developed technology and the team’s deep crypto expertise to trade thousands of digital asset products, including all major coins and altcoins and their derivatives. They have relentlessly built a globally focused team and infrastructure with the ability to trade on all major exchanges and markets since 2017.
The TRON DAO Reserve intends to formulate and implement monetary and exchange rate policies, play the role of a lender of last resort to market participants, and maintain reserve assets of various blockchains and blockchain-powered financial institutions to minimize systemic risks and contribute to the stability of the overall market. The Reserve aims to stabilize the exchange rates of centralized and decentralized stablecoins on TRON and other blockchains by benchmarking interest rates and guiding the market through liquidity provision. It also manages the permissions of USDD as its early custodian and ensures its price stability with crypto reserves.
“We are excited to announce Alameda Research as the first Whitelisted Institution and an official Member of the TRON DAO Reserve. They are an industry-leading principal trading firm with a strong interest and expertise in furthering the development of the USDD network and the utility of USDD,” said H.E. Justin Sun, Founder of TRON.
This appointment lists Alameda Research as an approved collaborator to the Reserve, granting them the right to mint and the right to burn USDD. As a Member and Whitelisted Institution, Alameda Research will serve as an advisor and make recommendations to improve, enhance and provide general support to the USDD network. They will prepare for, attend, and be fully engaged in all Reserve membership meetings. They will also support the USDD community and raise awareness surrounding the USDD network and the use of USDD in general.
The TRON DAO Reserve website is now live, and historical token issuance records are published here.
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has delivered impressive achievements since the 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 October 2022, it has over 116 million user accounts on the blockchain, more than 4 billion total transactions, and over $13.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin globally, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched 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.
Most recently, in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a significant public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as an official digital currency and medium of exchange in the country.
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Media Contact
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