Recently, the Chief Executive Officer and the founder of TRON Foundation Justin Sun revealed a plan of rewarding the first few adopters of USDT-TRON Stablecoin. This Stablecoin is created out of the partnership between Tether and TRON. This coin will be operated on the TRON network.
This journey was started on 4th March this year when both the companies announced their partnership with the objective of coming up with a new Stablecoin which will be a TRON network-based USDT. This Stablecoin will be compatible with TRC-20 rules and structure which will enable users to transfer tokenized USD over this network.
As per the press release issued by the company to the media, this collaboration will help TRON to improve its existing DApps ecosystem, enhance the scalability, liquidity and the overall value storage. The collaboration also wants to make TRON more accessible to investors and enterprises. The press release also revealed that the companies are expecting to activate TRC-20 token by the April this year.
If we follow the announcement right, we will know that now there are three versions of Tether (USDT) in the market:
One is USDT-Omni (USDT): It is the Tether coin issued on the Bitcoin network with the help of the Omni Layer protocol.
Second is USDT-ERC20: This one is issued on the Ethereum network with the help of the ERC-20 protocol.
Third and the last one is the Tether issued on the TRON network via the TRC-20 protocol.
If we go by the documentation issued by the developers of TRON,
“TRC-20 is a technical standard used for smart contracts on the TRON blockchain for implementing tokens with the TRON Virtual Machine (TVM)” that is “fully compatible to ERC-20.”
It was on 14th March when one more news came out. It was merely after two days of the TOKEN2049 conference in Hong Kong. TRON CEO Justin Sun was present here to talk about the progress report of TRON platform. He said this smart contract is already deployed on TRON’s testnet, It will be on mainnet in April.
USDT-TRON is better than USDT Omni in the following ways:
USDT-TRON enables instant transactions as against Omni which takes up to three hours.
USDT- TRON facilitates free transactions as against $6-$7 per transaction.
Unlike USDT Omni, USDT-TRON’s use cases are not limited to trading.
Not just this, almost a week ago, two big crypto exchanges named Huobi and OKEx announced their backing for the new Stablecoin.