Justin Sun Says Tron’s Partnership With Stablecoin Tether (USDT) Will Leave Omni in the Dust
Tron (TRX) has recently partnered with Tether (USDT) in order to support the USDT stablecoin on its network. The main intention is to offer better services for users using the digital asset pegged to the US dollar. Now, Justin Sun, the CEO of the Tron Foundation, said that institutions will have an easy way to have access to the Tron blockchain.
Justin Sun seems to be very excited about the new partnership that the Foundation signed with Tether. In a recent interview released by the Tron Foundation, he said that the new partnership with Tether will ultimately “going to leave Omni in the dust.”
Omni is the platform in which Tether is based and it’s currently relying on. Companies and projects can create and trade their own digital currencies created on top of this platform.
Sun has also explained that with the new TRX/USDT trading pair, the risk and volatility of the cryptocurrency market will be reduced. USDT is the largest stablecoin in the market with a valuation of over $2 billion.
Clearly, Sun praised the Tron network by saying that it has swift and instant transactions that are also free for users. He compared it with the Omni network that might take hours to complete a transaction and it has high fees.
On the matter, he commented:
“TRC20 token is based on the smart contracts, so you can do lots of the deployment work on top of the USDT, which Omni blockchain cannot offer.”
With the new integration between Tron and USDT, users will have large liquidity on the Tron decentralized exchange. Users will also have a new way of storing the value and will be able to play different decentralized applications (dApps).
Tether has been involved in several controversies during the last years regarding the funds that the company held to back all the USDT in circulation. Moreover, Tether had some issues with the banking partners with which it was working. Some reports have also accused the digital asset of being used to manipulate Bitcoin prices during bear trends.
TRX is currently the 10th largest cryptocurrency in the market. It has a market capitalization of $1.51 billion and each TRX can be purchased for $0.022.
Tron dApps Register 39% of Total Network Transactions
The Tron Foundation has released a new update regarding the development of the network and decentralized applications (dApps). According to the recently released dApp Weekly Report, there are 187 dApps that manage 464 smart contracts.
As per the report released by the Tron Foundation, there are 10 decentralized exchanges (DEX) running on top of its network, six collection games, 40 tool dApps, and four candybox projects on the Tron network. This shows that there was a net growth on the Tron network compared to last week.
Tron (TRX) is one of the most popular blockchain networks in the cryptocurrency market. The main intention is to eventually surpass Ethereum (ETH) and become the largest platform for firms and projects to deploy their decentralized apps.
According to the report, the number of accounts on the Tron network surpassed 2 million last week. At the same time, there was a 12.9% growth in the number of 24-hour transactions. This shows that there is a genuine growth in the network and that the bear market in the space does not seem enough to stop development on the Tron network.
Transactions on dApps raised to 940,000, meaning that 39% of the transactions on the network came from decentralized applications. Moreover, there are new dApps such as Licky Slot and Tron Round.
As per the report, Tron Idol is a dApp for Tron accelerator and that allows users to have cryptographic collectables on the blockchain. This works as examples for reinventing copyright management with the token economy so as to advance distributive copyright development.
At the time of writing this article, Tron is the 10th largest virtual currency in the market with a valuation of $1.51 billion. Each TRX coin can be purchased for $0.022.