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USDT-TRON About to Arrive at the TRON Network

USDT-TRON About to Arrive at the TRON Network

TRON (TRX) has been one of the fastest-growing and most popular coins of 2018, and its supporters will be glad to hear that the project continues to expand its reach and improve its ecosystem to this day. The coin has been running smoothly ever since it launched its MainNet last June. It has developed hundreds of dApps, which led to high numbers of transactions, increased trading volume, and more.

Recently, the TRON Foundation announced that it plans to give back to its community members, and celebrate the cooperation between TRON and the world’s largest stablecoin — Tether (USDT). Back on March 21st, TRON announced that $20 million incentive plan is in place to reward those who convert their Tether coins into USDT-TRON, which will allow them a faster, less costly and more concrete payment experience.

Now, it appears that USDT-TRON is about to officially arrive on the MainNet, according to TRON CEO, Justin Sun, who recently announced that the final third-party audit is underway. Sun asked for 24 more hours, for the final checks, meaning that USDT-TRON is about to arrive very soon.

The importance of USDT-TRON

USDT-TRON is a version of USDT issued by Tether on the TRON network. This makes it different from ‘traditional’ USDT (known as USDT-Omni) which is based on the BTC network. The new version of Tether will be able to complete issuance, transfer, and holding on the TRON network, which will allow it to offer completely free and transparent processes with instant delivery.

TRON partnered up with Tether back in March 2019, expecting that the partnership with a stablecoin might elevate its existing dApps ecosystem and bring a few others improvements, such as the increase of DEX liquidity. In addition, it might also serve to attract institutional investors and enterprise-level partners.

Stablecoins, as they are now, are designed for added liquidity by exchanges, which is single-use, expensive, and slow in a transfer. USDT-TRON, however, aims to change that by providing a stablecoin with zero transaction fee and much faster speeds. Further, it will allow interoperability between TRON-based protocols and dApps while providing users with the ability to exchange stablecoins all across the TRON network.

TRON’s dApp ecosystem is also expected to see further development thanks to USDT-TRON as it will allow users to access dApps through USD, which is a more familiar concept, and as a result — easier to get used to. As a direct consequence, Sun expects to see more users to take notice and access the industry, which will allow both them, as well the industry itself, to benefit.

As mentioned, Sun has promised incentives for early adopters, totaling the equivalent of 100 million RMB for those USDT holders who chose to move to TRON-based version of USDT. TRON’s campaign to incentivize people to start using USDT-TRON will soon reach other exchanges, including Huobi, OKEx, and others, and it is scheduled to last from April 30th to August 7th. Those who choose to accept will enjoy attractive interest rates paid with no fees. Meanwhile, token holders will get airdrop bonus on a daily basis, with ‘up to 20% annualized bonus rate.’

About Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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