Tether has started issuing USD-pegged stablecoin based on the TRC-20 protocol. The new FIAT backed crypto on the Tron Network would enable zero fee transactions nearly in real time. USDT-Tron cryptocurrency that is issued by Tether and follows the TRC-20 protocol on the Tron Network.
Tether Operations Limited is a firm that converts FIAT currency into digital currency. Hence, each digital token is backed 100% by the reserves.
The stablecoin will act as a hedge securing the blockchain token holders against volatility in the price of Tron. Tether has introduced this stablecoin as an upgrade to the USD-Tether on the OMNI platform. The USDT from the OMNI platform can be upgraded to TRC-20 token by directly contacting Tether or doing it on Exchanges.
USDT-Tron will be ubiquitously present across the Tron Network; it will even enable transactions on the Decentralized Applications (Dapps) running on Tron as well. Hence, ideally, it brings a FIAT based DApps platform to life. The users can transact in FIAT based cryptocurrencies without being apprehensive of the volatility in price.
The Tron Foundation has laid out the directions for all entities including Exchanges on how to replace their previous USDT on the OMNI chain from the Tron chain, conversion from USDT-Ethereum has also been made possible.
Justin Sun, the Founder of Tron recently tweeted on 17th April 2019:
“Thrilled to announce that the first 10
$USDT has been issued in #TRON #blockchain. This is a huge milestone for stablecoin and a new beginning for #USDT. For partner, exchanges, and wallets, feel free to support it.”
Tron’s 100 Day Campaign
Tron has also begun a 100-Days campaign to promote the use of USD tether based on TRC-20, to do so that have begun a rewards program that would run for a hundred days. Under the campaign, the user stands a chance to earn about 20% annualized return on USDT-Tron for the first five days of the program by holding the tokens during the hundred day period.
USDT-Tron 100 Day CampaignThe program will begin on 30th April 2019 and the users will be rewarded a total of $20 million. The token was launched yesterday on 16th April UTC. The campaign will end on 7th August 2019.
Do you think that Tron will be successful in the mass adoption of USDT-Tron by running the $20 million campaign while competing with so many other Stablecoins?
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com