TRC-20-based USDT Stablecoin to Launch SoDespite the numerous controversies that embroiled it over the past several months, Tether does not seem to want to go away. The cryptocurrency, or stablecoin, continues to be the most valuable stablecoin on the market now and the team is dedicated to ensuring that it retains that position over the long haul.
Tether partners with Tron to develop a TRC-20 stablecoin
Tether (USDT), which is the seventh largest cryptocurrency in terms of market cap, has warded off attempts by newer stablecoins to take its place and is now set to release a new version of USDT on the Tron blockchain.
Tether has officially partnered with Tron in a bid to launch a TRC20-based version of its controversial USDT stablecoin. The partnership was announced in a statement issued by both companies on Monday, March 4. TRC-20 is a technical standard currently used by the Tron network to implement tokens and is similar to Ethereum’s popular ERC20 standard.
Tron is now a popular platform for blockchain applications and the launch of the Tron-based USDT stablecoin would make it easier for users to transact with decentralized apps (dApps) on the platform. The addition of the stablecoin is also aimed at elevating Tron’s dApps ecosystem, improve the general value storage, and boost the liquidity of decentralized exchanges (DEX) in moving into and out of Tether and other platform-compliant tokens and assets. In addition to these benefits, the Tron-based Tether coin would help in making the network more accessible to institutional investors and other enterprise partners.
Tether CEO Jean-Louis van der Velde praised the partnership between the two companies. He stated:
“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 predict the needs and demands of the digital asset community.”
The companies are currently working to ensure that the stablecoin is launched in the second quarter of this year.
Tether controversies remain
Despite its continued strength in the crypto market, questions still exist about whether or not USDT is backed by actual US dollars in storage. The company promised to undergo a full audit of its books and present the results to the public but has yet to do so after relieving Friedman LLP of their accounting roles early last year.
In November 2018, Bahamas-based Deltec Bank & Trust, which provides banking services to Tether, issued a letter confirming that the account maintained by the stablecoin company was valid and was worth roughly $1.8 billion.
Tron does not seem to be worried about the criticism of Tether, with a representative of the company pointing out that Tether has sufficient holdings to back the total USDT coins in circulation for an extended period of time.
Sun excited by Tether partnership
Despite these issues, however, Justin Sun, the CEO of Tron and BitTorrent, revealed his excitement regarding their collaboration with Tether. He said the following:
“Our collaboration with Tether to bring a USDT TRC20 token to Tron will bring incredible stability and confidence to users. As we perform and execute on our vision, they can easily redeem their tokens for US dollars.”
Tron and BitTorrent have been making waves in the crypto space over the past few days. Tron recently launched its TronGrid 2.0, a feature that provides full operational nodes all over the world, making it easier for developers to access and develop dApps on the Tron network. This development came a few days after the hardfork on Tron network, with the CEO expressing optimism that Tron and BitTorrent platforms would reach a collective 1 billion users in the near future.
The Tron network also experienced a massive increase in the number of accounts and wallets on its platform. Following the hardfork, the total number of accounts and wallets on Tron reached the 2 million mark, an indication that Tron has recorded massive progress over the past few months and continues to attract more users and enthusiasts.