Altcoins Finance

TRC-20 USDT Occupies Over 10% Of USDT; Records +100M in One Day

Entertainment: Why Jay-Z, Jack White, Others Might Embrace Tron (TRX) Over Own Network, Tidal

The number of TRC-20 USDT tokens is growing at a tremendous pace. If last night the TRON Foundation could boast about 350 million USDT, today it has already increased by more than 10%. On October 25, the organization has published new figures, – 450 million USDT on TRON now!

At the same time, the HuobiGlobal, Poloniex, and Bitfinex crypto exchanges use the asset the most. Sales on these three exchanges estimate for 95% of the total amount of the asset.

Note, that TRC20-USDT was added to the HuobiGlobal trading platform only last week. As we can see now the total amount of deposits reached 130 972 444.99 TRC20-USDT. Also, in honor of this event, there is a promotion on the crypto exchange during which participants will be able to receive a reward. The event will run until November 1.

Chain Swap: 40,000,000 USDT Minted At Tether Treasury

But the story of TRON does not end there. There are some news published today. Just a couple of hours after reporting the 450 million USDT, the Whale Alert service recorded a new movement of funds. Therefore, 40,000,000 USDT or $ 40,167,429 was minted at Tether Treasury.

The community became interested in this transaction immediately and asked Paolo Ardoino, Bitfinex CTO, to explain the movement of funds. In response, Ardoino tweeted that it was Chain Swap (ERC20 to Tron).

Recall, the co-founder of the Tron project Justin Sun officially announced the launch of the TRC20-USDT in April this year.

Therefore, the solution has several noticeable advantages, including instant and cheap transactions compared to Omni, including unlimited usage, where the token can interact with dApps and the BitTorrent ecosystem.

The partnership between the TRON blockchain platform (originally developed on the basis of Ethereum, and then declaring itself a competitor) and Tether allows the launch of the TRC20-based version of USDT. USDT is a stablecoin tied to the US dollar issued by Tether on the TRON network, which will accelerate free transactions.

TRC20 tokens are standard coins issued on the Tron network, which offers two ways to issue tokens and some advantages in specific use cases. Both tokens can be considered as native Tron analogues for ERC20.

This integration allows TRX to significantly expand the existing dApps space, improving the liquidity of DEX and the overall storage value. At the same time, the business partners of the TRON network can use the tools of the project feasible.

To date there are 3 variants of USDT token:

  1. based on BTC blockchain (Omni Layer protocol).
  2. based on ERC20: based on the ETH blockchain (ERC-20).
  3. based on the TRON blockchain (TRC-20).

There is a belief that the TRC20 is almost identical to the ERC20.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

Don’t miss any of our crypto news, Join our Telegram | Facebook | Twitter.

About the author

Victoria Tiebienieva

Victoria Tiebienieva is an Europe based cryptocurrency writer with over 5 years writing experience in the cryptocurrency space.

Victoria has written numerous articles for popular cryptocurrency websites across Europe and beyond. She has spoken about cryptocurrency in notable media houses across her country.

Email: victoria.tiebienieva@newslogical.com

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *