Win-Win Partnership: TRON’s Justin Sun to Award RMB100 Million to TRC20-Based USDT Users
“We believe that most crypto exchanges will support USDT-TRON in the future, with more USDT gravitating towards the TRON blockchain,” said Justin Sun.
Tether to Launch New Version of USDT Stablecoin on TRON Blockchain
TRON has recently partnered with Tether, announcing to launch USDT as a native token on the TRON blockchain, namely, the TRC20 version of USDT stablecoin.
For the moment, most USDT are issued on the Bitcoin blockchain via the Omni Layer Protocol. There is ERC20-based USDT of course, yet the ERC-20 version accounts for a mere 3% of the total circulating supply, according to data compiled by Ethereum analytics platform Etherscan.
It has been reported that TRON, currently the 10th largest crypto asset by market cap, has achieved a significant milestone with its account numbers exceeding the 2 million mark. The network has also seen the daily trading volume of TRON-based DApp surpassing that of EOS.
A Win-Win Partnership
Apart from the apparent boom, however, TRON could face a bottleneck in DApp volume as its decentralized exchanges (DEX) have only few trading pairs.
Tether—the king of the stablecoins—has got back on its feet after the crash last year, when USDT suffered massive losses after a panic among crypto investors over Tether trust issues.
The stablecoin market has seen a number of new arrivals since last year, such as GUSD, USDC, TUSD and PAX. These stablecoins are jockeying for positions, each as eager as the next to get their hands on Tether’s crown. Tether’s dominance, or Tether’s percentage of total stablecoin supply in circulation, has fallen from 96% to around 70% at the moment, according to data from The Block platform.
In this case, the partnership between Tether and TRON is expected to benefit both sides. The USDT-TRON can inject a strong momentum into DEX, TRON-based DApp and the TRON ecosystem as a whole, while winning over more users buoyed by the wide acceptance of USDT. Tether, on the other hand, is poised to increase liquidity and grab for more market share by virtue of the TRON ecosystem.
During an interview with blockchain news outlet Mars Finance, Justin Sun, Founder and CEO of TRON, said the transaction fee for TRC20-based USDT is zero. Sun revealed that he will award more than RMB100 million to TRC20-based USDT users in the days to come.
He also expressed greater optimism about the development of DApp, revealing that the goal for 2019 is to have 2,000 DApps on the TRON blockchain. Mr Sun highlighted the important role of stablecoin in promoting the DApp growth, claiming that TRON is going to become number one in the DApp sector, leaving Ethereum in the dust.