Tron and Tether Have Announced a Partnership
This partnership will launch the USDT stablecoin as a TRC-20 token on the Tron network.
Announcing the partnership on his personal Twitter account, Tron CEO Justin Sun chalked the move up to being a big leap towards decentralized finance and beneficial to institutional access of the Tron blockchain.
In an official press release on the partnership, Tether said that "the TRC20-based USDT enables interoperability with TRON-based protocols and Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the TRON Network."
TRC-20 is the name used to describe technical token standard supported by the Tron blockchain, similar to Ethereum's ERC-20 standard.
Jean-Louis der Velde, Chief Executive Officer of Tether would add: “We are pleased to announce this collaboration with the Tron Foundation. 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's USDT - launched in 2014 - is pegged to the U.S. dollar and is the seventh largest cryptocurrency by market capitalization.
Tron's Making Moves
Having undergone a hard fork on February 28th to add institutional friendly features and performance upgrades to its network, Tron's expansion over the last 6 months has been highly impressive.
Some in the crypto space criticize Tron CEO Justin Sun for boasting of the networks advances, claiming it is a marketing ploy to pump the price of the TRX token. But it is hard to argue that with the recent partnership with BitTorrent, which came with the launch of the BTT token, and the move to integrate the USDT stable coin, Tron is making moves every crypto investor wants to see in the projects they're involved with.
The BTT initial coin offering on the Binance Launch Pad obtained incredible successful, having netted $7.1 million dollars, with the sale of 50 billion tokens in under 15 minutes.
Tron has also been rapidly adding a huge amount of accounts to its network since its main net launch. As Justin Sun pointed out on Monday, it took just 68 days for Tron to add an additional 1 million users.