Tron Eyes the US Dollar, Announces New Crypto Partnership With Tether (USDT)
Tron is partnering with Tether to integrate USDT on the Tron blockchain.
A new TRC20-based USDT token will broaden the network’s capabilities, enabling interoperability for Tron-based DApps and protocols, according to a press release shared with The Daily Hodl.
Tron founder and BitTorrent CEO Justin Sun says the partnership will give the Tron ecosystem a big boost.
“Our collaboration with Tether to bring a USDT TRC-20 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.”
The companies plan to integrate the new USDT token in the second quarter of this year.
Tether’s USDT is a stablecoin designed to be pegged to the US dollar. It launched in 2014 and remains the largest stablecoin on the market, despite a long list of competitors, and is currently listed as the seventh largest cryptocurrency with a market cap of $2 billion, according to CoinMarketCap.
According to the announcement, Tron expects the collaboration to add key strengths and help attract institutional investors.
“Adding Tether to its blockchain enables Tron to greatly elevate its existing decentralized applications (DApps) ecosystem, improve overall value storage, and increase Decentralized Exchange (DEX) liquidity. It also makes the blockchain more accessible to the enterprise-level partners and institutional investors.”
Tron is a tokenized content ecosystem connecting blockchain, cryptocurrency, DApps and peer-to-peer file sharing products.
The platform acquired peer-to-peer filing sharing platform BitTorrent last year and is currently leveraging BitTorrent’s 100 million users to expand engagement across the network.