Tron Foundation to Postpone Their USDT Rewards Program in Light of Bitfinex and Tether News
The Tron Foundation and Justin Sun have recently announced that they have taken the decision to postpone the planned USDT rewards program. The decision announced by Justin Sun, the CEO and founder of Tron (TRX) comes after the recent news about Bitfinex and Tether (USDT), the most popular stablecoin in the market.
Justin Sun Postpones USDT Rewards Program
USDT will be moving from the Omni blockchain platform to the Tron network in order to improve its efficiency and performance. Sun explained that this was not an easy decision to take and they have been focusing for months on bringing stability and liquidity to the TRON community. In the future, they will be analyzing which options they have after hearing how the events unfold regarding Bitfinex and Tether.
It is worth mentioning that Bitfinex and tether are being investigated by New York regulators after Bitfinex used $700 million from the funds to back USDT to cover up losses from Bitfinex. Because of this issue, Tether’s lawyer informed that the stablecoin is only 74% backed by Cash and Equivalents.
The official blog post released by the Tron Foundation reads as follows:
“Tron’s technical support for USDT will continue, along with swaps from Omni-based USDT to TRON-based USDT. I’d like to finish by thanking the TRON community for their enthusiasm, and our partners for their loyal support. The TRON team will continue working hard to bring lasting value to the network.”
They have also provided an email for users to contact Tron and the foundation to know more about USDT and Tron.
Tron (TRX) is currently the 11th largest digital asset in the market. TRX has a price of $0.0239 and it has a market capitalization of $1.6 billion. In the last 24 hours, TRX increased by 4.4% according to data provided by CoinMarketCap.