Stablecoin Tether To Launch A New Version Of Its USDT Stableconi On Top Of Tron
Tether (USDT) will be launching a new stablecoin on top of the Tron (TRX) blockchain. The companies announced a short time ago that they will be partnering to enable interoperability with Tron-based protocols and decentralized applications (dApps).
The TRC20-based USDT will also allow users to transact and exchange fiat-pegged coins on the TRON blockchain. The USDT coin was launched back in 2014 to offer stability in a virtual currency market characterized for being volatile.
Tron is one of the largest blockchain networks in the market and aims at surpassing Ethereum (ETH) in terms of market capitalization, usability, dApp users and more.
Jean-Louis der Velde, Chief Executive Officer of Tether, commented:
“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.”
Today we take the next step in our journey towards stablecoin mass adoption though the introduction of USDT on the @Tronfoundation blockchain.
Read more about how Tron has become the latest blockchain to deploy Tether here: https://t.co/UrVlDXmps6
— Tether (@Tether_to) March 4, 2019
The new USDT version based on Tron is expected to be released sometime in the next quarter.
During the last few years, there have been some questions regarding Tether’s reserves to back the value of the USDT printed. The company has confirmed that the USDTs in the market are backed by U.S. dollars at a 1:1 ratio.
Tether is currently working with Deltec Bank & Trust, which is based in the Bahamas. The firm informed that Tether has $1.8 billion in its bank accounts.
The CEO of Tron, Justin Sun, explained that the new collaboration with Tether will bring stability and confidence to users on its blockchain network.
At the time of writing this article, Tether has a market capitalization of $2.02 billion. This makes of it the 7th largest cryptocurrency in the market. Meanwhile, Tron is the 10th most valuable virtual currency with a market capitalization of $1.47 billion. Each TRX coin can be purchased for $0.022.