According to a recent announcement, Tether (USDT), the seventh most valuable crypto asset by market cap and the issuer of the stablecoin USDT, is formally collaborating with Tron (TRX) to introduce a TRC20-based version of the USDT stablecoin on the Tron network during the beginning of the second quarter of the current year.
The newly coming TRC20-based USDT is basically a term which signifies the technical token standard on the blockchain used for smart contracts for implementing token with the Tron Virtual Machine (TVM). It is very much similar to the Ethereum’s ERC20. Further, the new application would be able to exchange the information that prevails in the Tron-based protocols and decentralized applications (DApps) thereby enabling the transactions and fiat-pegged coins to trade within the blockchain.
Founder of Tron and CEO of BitTorrent, Justin Sun, stated that “Our collaboration with Tether to bring a USDT TRC20 token to Tron will bring incredible stability and confidence to users. As we perform and execute on our vision, they can easily redeem their tokens for US dollars.”
In 2014 the USDT was established which was initially used to render service free from conflicts for fiat thereby satisfying all the customers’ on- and off-ramping to the crypto markets and also enabling them to gather and trade fiat among each other without the obligation of slow fiat transfer processing times.
Tron gives a fierce competitor to Ethereum (ETH) as it serves the need for decentralized finance along with a broader decentralized internet ecosystem. It claims that with the addition of the dollar-pegged coin to its blockchain would “elevate Tron’s existing ecosystem of decentralized applications (dapps), improve overall value storage, and increase its decentralized exchange (DEX) liquidity. It is also said to make the network more accessible to enterprise-level partners and institutional investors.”
The chief executive officer of Tether, Jean-Louis van der Velde, stated that “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.”
As reported earlier, Tron Arcade and Mixmarvel have partnered to introduce Slither.io, an online game, on the blockchain. Hypersnakes, one of the blockchain version of the multiplayer worm-like game enables users to participate in the game and helps them to earn TRX without the creation of a wallet thereby ignoring the process of opening the wallet and also making it easy for all the participants to obtain the cryptocurrency. This process motivates all the participants to participate in the game rather than following the tedious process of opening a wallet for the cryptocurrency. Also, this is not the only one who has come with the innovative idea, even the BitTorrent token (BTT) has a similar example of a digital coin based on the Tron protocol.