Home Market Headlines Tron joins up with Tether to see USDT on Tron blockchain

Tron joins up with Tether to see USDT on Tron blockchain

In continued growth during the bear market, Tron and Tether have announced collaboration. Tether’s USDT will see introduction onto Tron’s blockchain.

Tether provided details in a statement on its website, calling the Tron blockchain-based asset a “TRC20-based USDT,” similar in name to ethereum-based ERC20 tokens.

“The TRC20-based USDT enables interoperability with TRON-based protocols and Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the TRON Network,” the statement explained.

Tether CEO Jean-Louis der Velde has said the following: “We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”

According to CoinTelegraph’s coverage of the news, USDT should see introduction onto Tron’s blockchain by this year’s second quarter.

USDT on multiple blockchains already

The statement from Tether noted its operation (Tether) originally saw inception in 2014, and has utilized “Bitcoin-based USDTether issued via the Omni Layer Protocol,” as well as the mentioned ethereum-based ERC20 variety.

As of October 2018, data from BlockSpur showed the mentioned Omni Layer Protocol held roughly 2.5 billion Tether. According to Etherscan, roughly 60 million USDT currently exist in the ERC20 variety.

Tether’s past

Tether has received significant scrutiny over the past couple of years due to allegations of insolvency. However, no conclusive evidence has come to light proving such allegations.

In an odd turn of events back in October 2018, Crypto Insider reported on bitcoin’s exchange-specific rally to $7,000. In the same time period, USDT dropped significantly in price, which is not technically a norm as far as stablecoins are concerned.

An article from Bloomberg in December 2018, however, seemed to reveal some positive information on Tether’s U.S. dollar backing.

Stablecoin mania

Stablecoins have been a hot topic in the crypto space lately, with many projects looking to prove their clout. Exchanges have even begun listing several different stablecoin options.

On March 5, 2019, Crypto Insider also reported on new features from TruUSD (TUSD). The project announced a partnership with top accounting firm Armanino. Through the partnership, the public will be able to see real-time TUSD fund backing confirmation.

 

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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Benjamin Pirus
Benjamin Pirus
BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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