Singapore-headquartered Huobi Global and Malta-based OKEx, two of the major crypto exchanges of the ecosystem have announced support for the Tron-based version of stablecoin Tether.
Both Huobi Global and OKEx, have made two separate announcements for the development on March 21. It was earlier in March, that Tron (TRX) and Tether announced their collaboration to issue a TRC-20-based USDT, a technical token standard supported by the Tron blockchain.
— TRON Foundation (@Tronfoundation) March 22, 2019
Designed to be interoperable with all Tron-based protocols and dApps, the new token is basically aimed at improving liquidity in the ecosystem. Huobi Global and OKEx have cited consumer needs and demands for a full spectrum of stablecoin trading, in their respective announcements. Both also note that their platforms now hosts three separate protocol versions of USDT
- the Bitcoin network-based USDT-Omni,
- Ethereum-powered USDT- ERC-20 and
- The newly added USDT – TRON
As per the adjusted daily trade volume, OKEx and Huobi are amongst the world’s leading centralized crypto exchanges, ranked 3rd and 14th respectively at the press time.
Notably, OKEx launched added Tron to its Customer-to-Customer Trading Platform just at the start of the month.
Tether, the issuer of stalwart stablecoins USDT and EURT blockchain protocol, and Tron have explained that the beneficiaries of USDT-TRON are intended to be traders on Tron-powered Decentralised Exchanges (DEX).
As per a Tweet by Misha Lederman, blockchain consultant and co-founder of Tron community project IamDecentralized.org on March 20, the USDT-TRON launch is slated for the coming weeks and months of Q2.
Four major developments for #TRON in coming weeks & months of Q2:
1. BitTorrent Speed, $BTT
2. Institutional-friendly multi-signature & account management
3. USDT-TRON stablecoin launch on #TRX blockchain
— Misha Lederman (@mishalederman) March 20, 2019
As for Tether latest news, the coin’s issuer is facing an aggravated backlash after social media users observed that the firm had removed its previous claims Tether being fully backed by United States dollars. The long-standing controversy further intensified when the critics asserted that the dollar reserves did not match the number of tokens in circulation.
Bloomberg reported last year in December, that it believes Tether does have the appropriate amount of fiat reserves. Notably, Tether has not released an official audit of its holdings to date.
Image Source: TRON Twitter