Tron-backed Tether (USDT) dollar-pegged stablecoin is live
- USDT-Tron to allow zero fee transactions ability to hedge against TRX volatility.
- Users can convert their USDT tokens to USDT-Tron on exchanges and directly through Tether.
The leading stablecoin in the industry, Tether (USDT) announced at the beginning of March that it was going to launch another Tron-backed stablecoin based on the TRC-20 protocol. The network intends to allow zero fee transactions with the new coin.
The new digital asset is backed back with fiat reserves like most stablecoins in the industry and will be used to hedge against volatility of Tron (TRX) price. The founder of Tron Justin Sun announced the issuance of the new coin via a tweet:
“Thrilled to announce that the first 10$USDT has been issued in #TRON #blockchain. This is a huge milestone for stablecoin and a new beginning for#USDT. For partner, exchanges, and wallets, feel free to support it.”
According to Coindoo, USDT-Tron is an improved version of Tether (USDT) that runs on the OMNI platform. Existing users have the liberty to convert their USDT tokens to USDT-Tron via crypto exchanges or by putting the request directly to Tether. All Tron decentralized applications (Dapps) will be able to transact with USDT-Tron. All the transaction can also be fiat based to ensure that volatility is avoided.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
