- TRON and Tether have announced that they will be entering a new partnership
- This partnership will see a USDT Token launched across the TRON Network
- This is in a bid to appeal to more institutional investors
This is certainly a busy time for TRON. Just weeks after their hard fork was announced, they have now gone into a partnership with Tether that will see the two launching a USDT token on the TRON Network. The announcement of this was made on March 4, 2019, and the token will be added in the second quarter of 2019.
Details About the Token
From the announcement, TRC20-based USDT, the upcoming token, will be operable across all TRON networks and TRON-based dApps. They will be used for the transfer of stablecoins across the network.
The announcement goes on to state that the entire TRON network will be made more accessible and usable for institutional investors, which comes as no surprise as Justin Sun, the CEO of TRON, stated publicly last month that the firm wants to attract more institutional investors, around the time their native token was added to BitGo’s roster.
This is where Tether comes in, as it was created to enable easy movement of funds across various platforms and also takes advantage of the dollar, which is significantly less volatile that crypto, to attract investors that otherwise would have been reluctant to invest.
“Our collaboration with Tether to bring a USDT TRC-20 token to TRON will bring incredible stability and confidence to users,’ said Justin Sun, founder of TRON and CEO of BitTorrent. “As we perform and execute on our vision, they can easily redeem their tokens for US dollars.”
This new development is a far cry from the controversy that surrounded Tether and other stablecoins in 2018. Tether, during that time, was publicly accused of simply being a bitcoin price manipulation tool, a claim they have refuted.
Perhaps a fiat associated currency is just what is needed in the middle of the bear market. The management of Tether has expressed optimism at the new partnership.
Jean-Louis van der Velde, Chief Executive Officer of Tether said:
“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.”