Tron Now Occupies 2% of Total USDT Supply, Justin Sun Says Goal is to Pass ETH, Achieve 50% by Year-end
Recently, Tron (TRX) collaborated with Tether to launch USD dollar pegged stablecoin USDT on Tron blockchain marking an upgrade from the Omni protocol-based USDT, that will allow making the transfer via smart contract in a process that is completely free and transparent.
Now, according to Tron founder and BitTorrent CEO, Justin Sun, Tron has already occupied 2 percent of the total USDT supply of 2.5 billion. By the end of the second quarter of this year, Sun says they will reach 10 percent of the supply and by the end of this year, it will further reach 50 percent.
“TRON now occupies 2% of total USDT supply, 50 million out of 2.5 billion. Goal for Q2 2019: Surpass Ethereum & achieve 10%. We will reach 50% of USDT in 2019.”
A Fast, Free, & Smart USDT
Currently, the focus of Tron is ongoing mainstream through constant development and collaborations. Last week only, USDT was officially launched on the Tron blockchain.
“USDT enables interoperability with TRON-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the TRON Network,”
reads the Tron blog.
While announcing its plan, Tron also shared its plan to reward TRC20 based USDT holders with a prize pool size of $20 million for 100 days. For this campaign, it will be working with digital asset exchanges including OKEx, Huobi, and others.
This incentive is intended to facilitate the adoption of Tron USDT by users and the coin has already received support from the leading digital asset exchanges.
Sun has repeatedly shared that the shift to Tron blockchain makes USDT a “fast, free and smart version,” unlike the last version which he said was very obsolete, slow, and extremely expensive for the stablecoin. With this migration, the whole community will be benefiting from USDT’s move away from Bitcoin, said Sun.
As for Tron itself, Sun believes it will not only play a role in expanding the Dapp ecosystem by mitigating the risk of crypto price volatility but also help them garner institutional interest which they are already receiving in great proportion.
At the time of writing, the 11th largest cryptocurrency TRX/USD has been trading at $0.0253 with 24-hours gains of 2.08 percent, as per Coinmarketcap data. Till now, in this year, TRX has surged only about 33 percent among the very few cryptos that registered very few or no gains at all.