The USDT-Tron stablecoin is ready for launch on April 9th that according to Tron founder and BitTorrent CEO Justin Sun is receiving tremendous demand across the globe along with a lot of interest from the institutional investors.
Just last month, Tron had partnered up with Tether to issue a new USDT cryptocurrency on Tron network. This coin as announced by Sun is slated to release on April 9th, next week. As Sun has constantly emphasized the TRC20-based USDT will support the growing network of decentralized applications (Dapps) on Tron network and further attract the institutional investors’ interest.
“The stablecoin is the most important thing when we come to the infrastructure and the whole industry,” told Sun in a recent interview of the Crypto Chick Podcast with host Rachel Wolfson.
Stablecoins, as explained by Sun has their importance in the way that they are tied to fiat and not exposed to the cryptocurrency market’s volatility, allowing the developers as well as innovators to mitigate the risk of fluctuation with cryptos and have a stable medium of exchange that enables them to penetrate the payments industry with more ease.
“I think this partnership means to the industry that in the future the USDT will be more reliable, faster and cheaper.”
— Justin Sun (@justinsuntron) April 7, 2019
Recently, as Bitcoin price shot up about 23 percent on April 2nd, the demand for USDT increased as well. Even now, the trading volume of USDT is the largest among the crypto space, more than bitcoin, as per the data provided by Coinmarketcap.
Now, according to Sun, the network struggled to meet the consumer demand for USDT and that whenever these big spikes or decline, for that matter, occurs the network fails to deliver high efficiency.
Sun says once USDT Tron is launched, these problems will be solved as the majority of the USDT-Omni will be migrated to USDT-Tron.
“I think it will benefit the whole industry. Most of the congestion and the bad experience of the stablecoin comes from the Omni blockchain because this is an obsolete solution with extremely expensive, slow and also unreliable infrastructure for the stablecoin.”
This stablecoin, Sun states will also draw in the institutional investors as he shares, “We’re getting lots of interest from these institutional investors. I think we’ll do everything to fulfill their requests.”
— Justin Sun (@justinsuntron) April 6, 2019
Sun also said that a lot of institutions don’t want people to know that they are buying cryptos and how much money is in their accounts.
But it’s not all, stablecoin also has a second phase in the form of cross-border payments for consumers. “We definitely already have some enterprise partners onboard right now – so everybody can stay tuned for our announcement.”
Moreover, the layer-2 scalability solution that is for 100x scalability and dramatic reduction in fees will be launched in Q2.
Sun and Tron’s rivalry with the Ethereum and its co-founder Vitalik Buterin has been going on for a long time now which according to Sun is for the benefit of the whole industry as “Tron and Ethereum are competing in the DApp obsession, for sure, but I think that definitely produces a better product.”
Highlighting the recent collaboration with Eth devs of the Loom Network, Sun said, “I think even within this year, we will see Tron even collaborate – officially collaborate – with Ethereum doing something good for the industry.”