Tether, the most popular provider of stablecoins pegged to the U.S. dollar, has decided to launch its USDT token as a TRC-20 compatible token on the Tron blockchain.
TRC-20 token standard is Tron’s equivalent of Ethereum’s ERC-20 token standard and it is compatible with other tokens on the Tron network as well as ERC-20 tokens issued on the Ethereum blockchain.
On Monday, March 4, Tron Foundation responsible for developments on the Tron network and Tether Company issued a joint statement to announce its plans.
The statement read:
“Today, we are proud to take the next step in our journey with TRON, through the introduction of USDT on the TRON blockchain.”
“To achieve the mass adoption necessary to fulfil this vision, Tether was inherently designed to be blockchain agnostic.”
The CEO of Tether, Jean-Louis der Velde noted his pleasure at the joint effort to introduce USDT in Tron blockchain after it is already available on Bitcoin and Ethereum blockchains.
“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.”
When it is launched, the TRC-20 compatible USDT token will make it easier for users to transact with decentralized applications (dapps) and protocols based on the Tron blockchain.
Though Tether has courted controversy in the recent past, Paulo Ardoino the CTO Bitfinex exchange hailed its approach.
“Tether growth is driven by the adoption of multiple transport layers. Being agnostic is one key factor of building successful products in our industry.”
Citing an email sent to it, crypto new site Cointelegraph noted that the companies plan to release the stablecoin on Tron blockchain by Q2 of 2019.
Tron Upgrades Ahead Institutional Participation
The Tron ecosystem has had a lot of promising developments in the past couple of months underlined by its acquisition and deployment of peer-to-peer sharing platform BitTorrent to boost involvement in cryptocurrency.
As Smartereum reported, Tron’s enigmatic CEO announced that the network was upgrading at the end of February to include features like multi-sig accounts which will encourage institutional players to enter the Tron ecosystem.
In the same period, institutional crypto wallet and custody service provider BitGo added support for the Tron (TRX) token. Stablecoins like USDT have been mentioned as one of the solutions to cryptocurrency volatility that often scares institutional investors away from the space.
Tron (TRX) Price Watch
Since the announcement yesterday, Tron has risen more than 7 percent and is now trading at $0.229 to the U.S. dollar. The token which was ranked 2nd in China’s monthly blockchain rankings displacing ethereum, is currently the 10 most valuable cryptocurrency with a total market capitalization of $1.53 billion.
Tether still maintains its place on the top 10 ranking; 7th on the board with just over $2 billion in total market capitalization.