It looks like 2019 is going to be the year of TRON. They’re passing one milestone after another, and it looks like in next few months they’re going to completely change the game of global cryptocurrency ecosystem. Another big success for the network was announced by them only a few minutes ago, and that is the issuance of a new stablecoin from Tether.
That’s right. Tether is going to release a new stablecoin on TRON blockchain. The news was announced by none other than Justin Sun himself. Tweeting from his official Twitter handle in the morning he said:
Tether will release a new stablecoin on #TRON blockchain. The issuer of stablecoin @Tether_to and one of the largest blockchain-based operating systems—— TRON protocol have announced a partnership in which the #USDT token will be launched on the TRON blockchain. #TRX $TRX https://t.co/ySyrsC94n2
— Justin Sun (@justinsuntron) March 5, 2019
Prior to his announcement the same had also been announced by Tether as well. Tether said in its announcement:
“…Tether was inherently designed to be blockchain agnostic. Since its launch, it has enjoyed widespread success of Bitcoin-based USDTether issued via the Omni Layer Protocol, and later Ethereum-based Tether, compatible with the ERC20 standard.
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 Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the TRON Network.”
The coin is expected to be launched in the second quarter of this year. Since stablecoins constitute an important part of any cryptocurrency’s ecosystem, the introduction of Tether marks yet another step towards the completion of TRON ecosystem. The deal has been further sweetened by the fact that this stablecoin is going to be in the form of Tether itself, which is the dominant stablecoin in global cryptocurrency space despite being the target of scrutiny for many experts and organizations.
Tether continues to operate without any formal 3rd party audit conducted till date. Some perceive this thing to be the biggest possible risk for crypto space, as Tether has become the only method of facilitating crypto trade in several geographies. It’s used as a base for crypto trading on Indian exchanges as well. In such a situation, it’s important to get this claim of being backed 1:1 with US dollars verified as soon as possible. However, that verification hasn’t been done yet.