In his latest tweet, Tron CEO Justin Sun has professed the TRC20-based USDT, forecasting it as the biggest stablecoin of the futures markets.
TRC20-based USDT is the version of the Tether powered by Tron Blockchain. In terms of usage, it has gained 5th rank beating other top-ranking stablecoins.
— Justin Sun (@justinsuntron) October 16, 2019
USDT rocks markets
The Tron network saw huge traffic since it has started offering Tether a few months ago.
Tether, a stablecoin, has been issued by Bitfinex and has grown tremendously over a couple of years, beating other stablecoins in the market. It has partnered with several blockchains and every blockchain uses separate token or versions. Tron, Omni, EOS Ethereum, and many more versions represent USDT.
Talking about Tron Blockchain, The version for Tron is TRC20 USDT, which signifies Justin Sun’s ledger.
In August 2019, Bitfinex exchange has added more pairs, including Paxos, USDC, and TrueUSD against Tether, namely USDC/USDT, TUSD/USDT, and PAX/USDT on its platform. The pairing was done after the record-breaking volumes growth of Tether exceeding the Bitcoin.
Justin Sun’s forecast
Justin Sun has made this bold prediction after Tether has beaten TrueUSD, powered by Ethereum blockchain and gained the fifth position among stablecoins in capital markets. It has rapidly grown in five days jumping from $170 million to $196 million, which signifies the growth of stablecoins’ supply.
Sun has also mentioned that USDT’s supply on the Ethereum network has surpassed the supply on Bitcoin’s Omni layer. Interestingly, Tether treasury has burned around 400 million Omni tokens in the last month.
Tron is a token network that started in 2017, which resembles Ethereum in design, but differs in the consensus mechanism. Though Tron is less decentralized, it is tremendously active network similar to EOS. These networks are decentralized gaming platforms with smart contracts.