One of the aspects that is sure to help cryptocurrencies rise even more when it comes to popularity is the addition of new features and tokens by known protocols or networks. Inclusion will always help foster global adoption of digital assets in the world.
That is precisely what happened with the Tron (TRX) blockchain protocol. The initiative led by Justin Sun made public on Monday, March 4th, that it would begin to introduce Tether’s USDT starting in the second quarter of 2019. The new partnership will allow people in the Tron platform to trade USDT, a stablecoin pegged to the value of the US dollar.
An Interoperable Coin
The correct term to refer to USDT in the Tron network will be TRC20, which indicates the adherence to a technical token standard that will now be, starting from Q2, supported by Tron. The coin will be interoperable with every protocol and decentralized application (dApp) based on the Tron blockchain, letting traders perform transactions and exchange fiat-pegged tokens across the network.
Up to this moment, the Tether stablecoin is built on the Ethereum and Bitcoin blockchains, but now, a third option will appear. According to a statement published by Jean-Louis van der Velde, who is currently functioning as Tether’s CEO, “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.”
Tether has been around in since 2014, and has enabled easy, frictionless fiat on- and off- ramping to crypto markets. It lets users maintain, store, and exchange value without the usual burden of having to wait for fiat transfer-related typically slow processing times.
A Combination of Decentralized Finance Services
Thanks to the partnership, Tron continues to fight with Ethereum by combining decentralized finance services with a diversified decentralized Internet atmosphere. According to Tron’s point of view, the news further “elevate its existing decentralised applications (DApps) ecosystem, improve overall value storage, and increase Decentralised Exchange (DEX) liquidity.”
According to the press release that contains the news, the support for the dollar-pegged USDT will enable the Tron blockchain to be more compliant and receptive to institutional investors as well as partners at the corporative world.
Enhanced Stability and Confidence to TRON Users
Justin Sun, the leader of the Tron project, had announced the blockchain’s imminent hard fork, one that took place on the last day of February and that was meant to improve functionality to make it more suitable for institutions.
Sun stated, after the announcement was made, that the “collaboration with Tether to bring a USDT TRC-20 token to TRON will bring incredible stability and confidence to users.” The piece of news was greeted with joy by users of the platform at a worldwide scale.
Tether, despite speculation of not having enough dollar reserves to match the amount of tokens in circulation in recent months and having new competitors added frequently, is still dominating the stablecoin market.
By Andres Chavez