Tron Network and Tether have declared a partnership to set up USDT to the Tron network. Notably, Tether is planning to do the launch on Tron blockchain by the second quarter of 2019.
The approaching TRC20-based USDT will be interoperable with all Tron-based protocols and decentralized applications (DApps). Moreover, it will allow for the transaction and exchange of fiat-pegged coins across the blockchain. It is to be noted that TRC-20 indicates adherence to a technical token standard supported by the Tron blockchain.
It is to be noted that the USDT was launched in 2014. It has usually facilitated frictionless fiat on- and off-ramping to the cryptocurrency markets. Thus, allowing users to store and exchange value without the burden of sluggish fiat transfer processing times.
Interestingly, Tron positions itself as a competitor to Ethereum. It claims that
“ the addition of USDT will elevate its existing decentralised applications (DApps) ecosystem, improve overall value storage, and increase Decentralised Exchange (DEX) liquidity.”
Furthermore, the press release continues that USDT on Tron will also allegedly make the blockchain as a whole more acquiescent to institutional investors and enterprise-level partners.
As per the recent report of Koipost, Tron CEO Justin Sun had issued a statement about the impending roll out of a hard fork, that took place on Feb. 28. The hard fork is reportedly designed to deliver institution-friendly functionality, alongside features such as account management options and multi-signature abilities.
It is to be noted that the spreading out of the Tron ecosystem took a noteworthy step last year with its purchase of BitTorrent, a popular p2p torrent client. BitTorrent launched its native, Tron-based BTT token at the start of 2019, which plans to power the pair’s plans for an evolving decentralized content distribution platform.
As the previous reports, the BTT ICO on the Binance Launchpad platform pocketed around $7.1 million dollars. During the ICO, BitTorrent sold its 50 billion native tokens in under fifteen minutes.
Interestingly, Tether continues to lead the stablecoin market at present. However, it is seeing escalating competition from a constant influx of new fiat-pegged coin offerings as of last year.
Notably, after several critics had suggested that the dollar reserves did not match the amount of tokens in circulation, Tether has beforehand faced a lot of controversy. Even Bloomberg stated, last December, that it believes Tether does have the suitable amount of fiat reserves. To add fuel to the fire, Tether has still not released an official audit of its holdings.