The controversial stablecoin Tether (USDT) has announced it is launching a new version of its coin on top of the Tron (TRX) network. The information was released by Tether a few days ago in a blog post. Tether is the largest stablecoin in the market and Tron is an Ethereum (ETH) competitor.
Tether and Tron Partner to Release New USDT Coin
The second part of 2018 has seen the surge of new stablecoins such as USD Coin (USDC) and Gemini USD (GUSD). Tether was involved in many controversies and investors were searching for more transparent stablecoins. Despite this, Tether remains as the largest digital stablecoin in the space and has now announced the USDT on the Tron blockchain.
The main intention behind this partnership is to enable USDT interoperability with TRON-based protocols and dApps.
The official blog post reads as follows:
“Today, we are proud to take the next step in our journey with TRON, through the introduction of USDT on the TRON blockchain. The TRC20-based USDT enables interoperability with TRON-based protocols and Decentralized Applications (dApps) whilst allowing users to transact and exchange fiat pegged currencies across the TRON network.”
Tron is one of the networks that experienced the largest growth in terms of dApps and users. At the same time, the number of transactions on Tron dApps has also been growing, even during a bear market. Tron, as well as EOS, have surpassed Ethereum as the main dApp networks taking into account the number of users and transactions.
Jean-Louis der Velde, CEO of Tether, mentioned that they want to keep innovating in the crypto space and anticipate the needs and demands of the community.
Tron is currently the 10th largest digital asset in the space – and if it continues with news like this, our tron price prediction might come true. It has a market capitalization of $1.56 billion and each TRX coin can be purchased for $0.023. Meanwhile, Tether has a market cap of $2.04 and it the 7th most valuable virtual currency in the market. Only the most popular projects have a larger valuation than USDT.
Back in 2018, there have been several controversies involving Tether. Some reports accused it to be used for sustaining Bitcoin prices during bearish periods. Moreover, the crypto community has been claiming that Tether does not have the necessary assets to back the USDT coin on a 1:1 basis.