Tron Introduces USTD in Its Blockchain Network

The seventh most appreciated coin by market capitalization, Tether is getting ready to launch Stablecoin USTD on the network of Tron. The announcement about the development was made on 17th April.

Both the network is entering into an official partnership to launch the dollar pegged Stablecoin. USTD will be introduced as TRC20 token. TRC20 is the methodical standard used by the Tron network to implement the Stablecoin. TRC20 has similarity with ERC20 of Ethereum network and is compatible with the same.

With its interoperability feature, USTD will allow its users to interact and transact on the TRX network obeying all the prescribed protocol and dApps. The firm is optimistic about the addition of the new token they think it will increase the liquidity of the exchange and will improve the transactions involving dollar pegged coins. They also feel that it will make the network favourable for institutional investors.

Mr. Justin Sun the initiator of Tron has said the collaboration would bring stability and users of the network will get confidence. He further noted that the user could quickly redeem their token for US dollar.

Tether was founded in 2014 and is constructed on Bitcoin and Ether blockchains. CEO of the company has said that their partnership with Tron is committed to bringing innovation in the cryptocurrency space. He further said they had taken this step to meet the increasing demand of the crypto industry, especially USTD has positioned itself as one of the best stablecoin of the industry.

Tether has earned a place among the top cryptocurrencies of the world, but its issuance has become a matter of controversy. People are still in doubt whether it is backed by 1:1 US dollar kept in reserve. Although Tether had promised to get, its accounts audited the promise is yet to be kept.

Although The banking service provider of the company Deltec Bank and trust has released a letter saying tether has an account with them and maintains $1.8 million in it. Tron does not have a concern about this question circulating as they said they have enough holding for the USTD in circulation and that will last for the next four months.

Tron has recently partnered with gaming platform Mixmarvel to launch the game on their blockchain network. Tron has also acquired P2P torrent network BitTorrent and has launched BTT token a weeks ago.

Currently, USTD is trading at $1.00 is the eight largest cryptocurrencies according to the market capitalization.

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