TRON (TRX), the 10th largest cryptocurrency in the world (based on market cap) announced it’s partnership with Tether (USDT), the 7th largest cryptocurrency, to launch a new version of USDT stablecoin on the TRON blockchain.
A new TRC20-based USDT token will extend the network’s capabilities, enabling interoperability for TRON based DApps and protocols. The integration of the new stablecoin on TRON blockchain is supposed to improve overall value storage and increase DEX (Decentralized Exchange Liquidity).
How it Benefits TRON ?
TRON is a tokenized content ecosystem which connects blockchain, cryptocurrency, DApps and peer-to-peer file sharing products together in it. The platform acquired BitTorrent, a peer-to-peer file sharing platform last year and is currently leveraging BitTorrent’s 100 million users to expand engagement across the network.
TRON founder and CEO, Justin Sun encouraged the move and implied that it would benefit Tron’s entire ecosystem.
“We are making big steps to achieve decentralized finance with @Tether_to . #TRON will soon have its own stablecoin! This will benefit our entire ecosystem and make it easier for institutions to access the TRON blockchain👏🏼 $TRX $BTT”
“Our collaboration with Tether to bring a USDT TRC-20 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 expects the collaboration to add key strengths and make the blockchain more accessible to the enterprise-level partners and attract institutional investors.
How it benefits Tether ?
Tether’s USDT is a token/stablecoin designed to be pegged to the US Dollar. Launching in 2014, it remains the largest stablecoin on the market with a market cap of over $2 billion.
TRC-20 is a standard on TRON blockchain –much similar to rival ERC-20 token of Ethereum.
Jean Louis van der Velde, CEO of Tether, encouraged the partnership and stated:
“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. “
The companies have planned to integrate the new USDT stablecoin in the second quarter of 2019. What do you think of this partnership ? Let us know in the comments below.