Two leading cryptocurrency exchanges -Singapore – headquartered ‘Huobi Global’ and Malta-based ‘OKEx Exchange’ – have revealed their support for the Tron based version of stablecoin Tether [USDT]. The developments were declared in two official ‘announcements‘, both published recently.
Earlier in March, blockchain protocol Tron [TRX] and Tether [USDT], issuer of stalwart stablecoins USDT and EURT, ‘declared‘ their partnership to issue a TRC-20-based USDT – a term that indicates adherence to a technical token supported by the Tron blockchain. The new token is intended to be practical with all [Tron-based] protocols and decentralised apps to boost liquidity within the system.
Furthermore within the announcements, both Huobi Global and OKEx cite user requirements and demands for a full spectrum of stablecoin trading, with both noting their platforms presently supports three separate protocol versions of USDT – the Bitcoin [BTC] network-based USDT-Omni, Ethereum-powered USDT-ERC-20 along with the new USDT-TRON.
Moreover, OKEx and Huobi exchange are among the world’s leading centralized cryptocurrency exchanges – ‘ranked‘ at 3rd and 14th positions by daily transactional volumes respectively at the reporting time – Tron and Tether have outlined that the beneficiaries of [USDT-TRON] are meant to be traders on Tron-powered decentralized Exchanges [DEX].
While in another report, blockchain adviser and co-founder of Tron community project IamDecentralized.org named ‘Misha Lederman’, recommended on 20th March that the launch of USDT-TRON is slated for the ‘approaching‘ weeks and months of Q2. Another reported development is the introduction of privacy features for the TRX blockchain transactions and “institutional-friendly multi-signature & account management.”
Lederman has conjointly claimed the Bittorrent Speed system is reportedly set to launch among this time-frame, that will reward users of the popular peer-to -peer torrent consumer BitTorrent with Tron-based BitTorrent [BTT] tokens in exchange for seeding and bandwidth, featuring quicker torrent downloads.
As ‘reported‘ earlier in July last year, Tron 1st confirmed its acquisition of BitTorrent. The latter launched its native BTT token at the beginning of this year in 2019, that is expected to empower the pair’s ‘plans‘ for an evolving decentralized content distribution platform.
However in recent Tether news, the coin’s issuer faced inflated scrutiny once social media users ‘detected‘ the firm had removed previous claims that the stablecoin was absolutely backed by USD. The coin thus faced long-standing ‘controversy‘, once critics had ‘recommended‘ that the dollar reserves failed to match the amount of tokens in circulation. Even earlier in Dec. last year, Bloomberg ‘revealed‘ that it believes Tether does possess the acceptable quantity of fiat reserves. Tether has thus not officially ‘released‘ audit report of its holdings yet.