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Tron DAO Reserve buys $38 million of TRX to protect USDD stablecoin

On May 5, Tron’s USDD algorithmic stablecoin was launched, and so far, the fiat token has been listed on various decentralized finance (defi) protocols. Two days later, Tron DAO Reserve announced that it has purchased 504.6 million tron ​​(TRX) to support the algorithmic stablecoin as the project aims to leverage a decentralized currency reserve similar to Earth’s UST reserves.

Tron DAO Reserve and Justin Sun reveal $38 million TRX purchase

Terra’s UST reserve system is becoming a popular scheme, and Tron’s USDD stablecoin project is following suit. Bitcoin.com News reported on the algorithmic stablecoin project Tron on April 21, and the fiat crypto asset has been officially launched since then. The project has several partners now and USDD is listed on Pancakeswap, Kyberswap, Sunswap, Sun.io, Curve Finance, Uniswap and Ellipsis.

According to tronscan.org, there is approximately $211,245,005.49 at the time of writing. Statistics show that as of Saturday, May 7, 2022, Uniswap version three (v3) is the most active exchange for buying and selling USDD. While the $211 million market cap is a small thing for Earth’s UST ($18.7 billion), it has only been around for two days. While terrausd (UST) recorded US$990.3 million in 24-hour transactions, USDD recorded US$2.31 million in the last day. The USDD market valuation is higher than Gemini’s (GUSD) market capitalization of $199.5 million.

On Saturday, Tron DAO and Tron founder Justin Sun announced that the team had purchased 504,600,250 TRX at an average price of 0.07727 per unit. The purchase will be used as a reserve asset to “safeguard the blockchain industry and cryptocurrency market,” reserve account Tron DAO said Saturday afternoon.

“[Tron DAO Reserve] has done its job,” tweeted Tron founder Justin Sun this weekend.

Decentralized, Algorithmic and Centralized: The Quest to Perfect Stablecoin Continues

While decentralized and algorithmic stablecoins sound good in theory, there are concerns and doubts about whether or not they can maintain a stable peg as long as they exist. Of course, some centralized stablecoin projects in the past have failed, and Makerdao’s decentralized stablecoin DAI was tested during the ‘Black Thursday’ event on March 12, 2020. Prior to the March 12 event, Bennett Tomlin’s blog post predicted the Ethereum (ETH) price stress that could affect the DAI USD parity.

In November 2020, the issuer of stablecoin OUSD, Origin Protocol, suffered an instant lending attack and the coin temporarily lost its peg. During the first week of April, the Waves-based neutrino stablecoin usd (USDN) temporarily dropped from the dollar. A year ago in April, the fiat value of the stablecoin fei usd (FEI) dropped below one dollar for a short period of time. So far, several of the projects mentioned above have recovered shortly after the parity loss, and stablecoin projects have maintained a stable parity ever since.

The Tron DAO Reserve purchase of 504,600,250 TRX was worth $38.99 million at the time of liquidation. The TRX purchase also follows the recent acquisition of $1.4 billion worth of bitcoin (BTC) by Luna Foundation Guard (LFG). The non-profit LFG now holds 80,394 BTC and $100 million worth of AVAX to protect UST. In addition, Tron DAO has partnered with three crypto institutions that are now whitelisted Tron DAO Reserve members. Tron DAO Reserve’s institutional partners include Poloniex, Alameda Research and Amber Group, while Tron DAO Reserve acts as the “initial custodian” of USDD.

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Cryptocurrency Exchange Giant Partners With LeBron James on Web3 Education Initiative

NBA star LeBron James is partnering with exchange Crypto.com to advance Web 3.0 development through education.

In a new blog post, Crypto.com says it is partnering with the LeBron James Family Foundation (LJFF) to provide education and access to participants in the nonprofit’s I Promise program.

James says he wants to ensure that people from disadvantaged backgrounds are not left behind as new technologies transform the world at a rapid pace.

“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world and the way we interact. I want to ensure that communities like where I come from are not left behind.

Crypto.com and I agree on the need to educate and support my community with the information and tools necessary for inclusion.”

The I Promise program helps public school students and their families in James’ hometown of Akron, Ohio.

Singapore-based Crypto.com says of the initiative:

“Web3 promises to deliver a fairer and more equitable Internet owned by builders, creators and users. This promise can only be realized through the active participation of diverse participants.

Through this partnership, I Promise students and families will gain a solid foundation in Web3 and the innovations behind decentralized blockchain-based applications that drive the future of many industries, from finance to media and art.”

The partnership with the four-time NBA champion is the latest in a series of major deals that Crypto.com has secured with professional sports franchises around the world in recent months.

In November, the iconic Staples Center, where James plays for the Los Angeles Lakers, was renamed the Crypto.com Arena.

Other popular franchise sponsorships include Formula 1 Racing, the UFC, the NHL’s Montreal Canadiens and two European football teams.

Crypto.com Coin (CRO), the native token of the digital asset market, is currently up 2.4% on the day and is trading at $0.41.

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PayPal is considering the introduction of its own cryptocurrency, “PayPal Coin”

Coindesk has confirmed that PayPal (PYPL) is ready to launch its stablecoin while trying to flex its muscles in the cryptocurrency market. The PayPal subsidiary Curv has been laying the foundation for the stablecoin launch since September.

Bloomberg initially reported that PayPal is looking into the possibility of launching its own stablecoin. The stablecoin details were accidentally spotted on the company’s iPhone by developer Steve Moser and shared with Bloomberg. The hidden code and pictures revealed details of a “PayPal currency”. In addition, the codes showed that the U.S. dollar would support the stablecoin, Bloomberg noted in its report.

PayPal has been very active in the cryptocurrency space and has also increased the restrictions on cryptocurrencies its customers can buy and invested to educate its users about cryptocurrencies. In addition, it enabled its customer base to securely withdraw their cryptocurrencies in third-party wallets.

The US fintech giant #PayPal has confirmed its intention to launch its own #stablecoin called PayPal Coin.

Developer Steve Moser first discovered the development of an internal stablecoin in the source code of the PayPal iPhone app. @PayPal #cryptocurrency pic.twitter.com/RrLfnKnEui

PayPal trivializes hidden code on the iPhone

However, the PayPal spokesperson tried to trivialize the problem, saying it was constrained by a recent internal hackathon. A hackathon is an event where teams of engineers come together quickly to research and develop new products that may never be released.

PayPal is one of the largest e-commerce payment platforms in the world. It was created in 1998 and was founded by Peter Thiel, Luke Nosek and Max Levchin. Originally known as “Confinity Inc.” It later merged with Dogecoin advocate Elon Musk’s online banking company “X.com” in 2000 and changed its name to “PayPal” a year later.

In 2002, it was acquired by online marketplace giant eBay for $ 1.5 billion and has become the standard payment method for its 185 million users. In 2015, it split from its parent company and became a publicly traded independent company with the same PYPL symbol as it did before the eBay acquisition.

Today PayPal is the 54th largest company in the world and has over 377 million users worldwide. It has a market capitalization of $ 282.58 billion. In the fourth quarter of 2020, the platform processed 3.47 billion transactions for a total of $ 277 billion.

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Cryptocurrency investors in Thailand will pay a 15% capital gains tax

Cryptocurrency-related gains, such as those resulting from trading digital currencies, will be taxed at a rate of 15%, a Finance Ministry official told local media in Thailand. After significant market growth over the past year, the department aims to improve surveillance of cryptocurrency trading in 2022.

Thailand Asks Cryptocurrency Traders To Report Profits On Tax Returns

Thailand’s Ministry of Finance advises investors to indicate their cryptocurrency earnings when filing their tax returns this year, the Bangkok Post reported Thursday. Capital gains from cryptocurrency trading will be subject to a 15% tax, the newspaper added, citing a ministry source.

The obligation concerns all taxpayers who benefit from cryptocurrency transactions, including investors and operators of cryptocurrency mining facilities, the official clarified. However, digital asset exchanges will be exempt from the fee.

The gains from cryptocurrency trading are considered taxable income according to Section 40 of the Royal Decree amending the Revenue Code No. 19, the report explains. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their supervision of currency trading activities in the country.

Not all aspects of cryptocurrency taxation are clear, as noted by an industry representative. Akalarp Yimwilai, co-founder and CEO of cryptocurrency exchange Zipmex, noted that many questions remain about how to calculate earnings. One is whether the gains from a price increase as the dollar strengthens are considered gains. He further explained:

Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes but don't know how to calculate them.

He added that Zipmex is trying to develop a system that allows its clients to estimate their profits and losses, but the task has proven difficult. “If the Department of Revenue really has such an advanced data analytics system that it can accurately calculate cryptocurrency earnings, it would be of great benefit to share it with the industry,” he noted.

Authorities in Thailand, a major tourist destination, have been trying to demonstrate a friendly attitude towards the growing number of cryptocurrency users, especially among visitors. In September, the country’s tourism authority announced that it wanted to promote what it described as an “atmosphere of crypto tourism,” and in November its governor emphasized that Thailand must become a “crypto-positive society.” Last month, Bank of Thailand officials declared that cryptocurrency payments are not illegal.