Tether to Launch New Version of USDT Stablecoin on Tron Blockchain05.03.2019
Tether cooperates with the Tron Foundation using its platform and blockchain for the release of a stable-coin. Tron Foundation hope to improve this way liquidity and make Tron more accessible to institutional investors.
According to the company representatives, the stable Tether (USDT) standard TRC-20 will make it easier for users to conduct operations with decentralized applications and protocols based on the Tron blockchain.
“Cooperation with the Tron Foundation meets our policy of further development of innovations in the field of cryptocurrency — we intend to continue to meet the needs and requirements of the cryptocurrency community,” said Tether head Jean-Louis van der Velde.
It is expected that the new version of USDT will appear in the second quarter of 2019. Previously, Tether was recognized as the most popular stable-coin in the top 10 cryptocurrencies by market capitalization. However, more and more often questions arise about whether a cryptocurrency is really supported by US dollars in a 1: 1 ratio.
After Tether broke off relations with Friedman LLP in January last year, the company promised to hire an auditor to verify its work, but has not yet done so.
Deltec Bank & Trust, located in the Bahamas, which provides banking services to the company, published a letter confirming that Tether had an account and the funds at that time were $ 1.8 billion (the total number of USDT tokens in circulation is slightly over $ 2 billion).
When asked whether Tron had any concerns about this information, a company representative provided a report stating that the company had enough funds to keep the total number of USDT tokens in circulation for at least four months.
Tron CEO Justin Sun (Justin Sun) said that working with Tether to create a USDT token on the Tron blockchain will bring incredible stability and confidence to users who can “easily redeem their tokens for US dollars.”