Is Tron the next big thing after Terra? TRX short interest is exploding

Tron founder Sun Yuchen announced a $2 billion reserve to protect TRX from increased short interest.

As the cryptocurrency carnage worsens, many cryptocurrency leaders are announcing strategies to deal with it. Do Kwon, founder of Terra, recently revealed plans to revive the UST stablecoin, but the price has fallen anyway.

Will USDD follow in UST's footsteps?

Like UST, the Tron network launched USDD a few days ago. according to Sun Yuchen, the TRON (TRX) token could be the next target after LUNA. He said the funding rate for TRX on the Coinan cryptocurrency market has exceeded 100% APR. Tron Dao Reserve will spend $2 billion to counter the price move to avoid a sell-off.

Most stablecoins have seen slight deviations during the ongoing decline. Tether (USDT), USDC and BUSD are among the most stable currencies. In contrast, the Terra stablecoin UST, which is pegged to the US dollar, has fallen 68% in the last 24 hours. The price of UST has fallen to $0.30.

Sun also said that the U.S. dollar has remained stable despite the market turmoil. Tron's stablecoin now has a total cap of $270 million, while Tron Dao Reserve has a cap of $10 billion. The USDD cryptocurrency is currently trading at $0.995, a slight deviation. He also said that Tron's funding rate on Binance is about -0.3448%, resulting in an APR of -1.0344% and -377.556%.

TRX has joined the stablecoin club.

Tron previously stated that their stablecoin, USDD, is now available on BitTorrent multi-chain cross-chain interoperability. Users can now transfer USDD between the BitTorrent, Ether, Fanton and Avalanche chains. the networks also said that USDD is improving and building strong alliances with five other older TRON-based coins.

At the time of writing, TRON's average price was $0.070. TRX has fallen more than 12% in the last 24 hours. The total market cap of $6.9 billion is solid.