The TRON DAO Reserve (TDR) announced that it has added Wintermute as one of the nine whitelisted institutions in the DAO that can mint and redeem USDD.
The firm will also take part in activities that help stabilize USDD’s value.
In an announcement, TDR said, “The appointment authorizes Wintermute to mint and burn USDD as a collaborator with the Reserve. As a Member and Whitelisted Institution, Wintermute will advise the TDR and make recommendations to enhance, develop, and supply general aid for the USDD network.”
Apart from Wintermute, only eight other parties have the exclusive right to swap between USDD and TRX (native cryptocurrency of the Tron blockchain). These parties are called whitelisted institutions.
The eight other members of the TRON DAO are Alameda Research, Amber, Ankr, FalconX, Poloniex, Mirana, Multichain, and TPS Capital.
David Micley, business development director at Wintermute said, “There is a lot of exciting activity going on in the Tron ecosystem which we’re seeing in terms of total value locked (TVL) and projects being built and we’re excited to find ways to get involved and contribute.”
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Apart from the mint and burn mechanism, the USDD maintains the peg with centrally controlled reserves. Currently, the market capitalization of USDD is slightly over $745 million, whereas the DAO holds about $2.3 billion in collateral reserves. TDR says it intends to raise $10 billion for its reserves.
