US-licensed crypto exchange Poloniex has announced the addition of Tron-based version of Tether, the latest stablecoin offering from Justin Suns. Poloniex said it would support the new stablecoin on the Tron blockchain in addition to Omni Protocol (Bitcoin).
The Delaware-based platform will also support the airdrop for USDT-TRON holders, who will be rewarded with additional tokens from a $20 million incentive pool, although they say more details about the program will be next week.
“Customers will be able to withdraw USDT freely to their preferred network – either Omni or TRON. USDT markets on Poloniex will be unaffected,” the exchange said.
Justin Sun, TRON Foundation’s CEO, originally announced the stable coin earlier March and has since been accepted on several exchanges such as Huobi and OKEx, further bolstering its position in the market.
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The partnership between TRON, the blockchain platform that was developed using Ethereum and then announced itself a competitor, with Tether essentially launches a TRC20-based version of the USDT to make transactions faster and free-of-cost.
TRC20 tokens are standard coins issued on Tron’s network, which offers two ways to issue tokens and some advantage in specific use cases. Both the tokens (TRC10 and TRC20) can be considered to be as Tron-native analogs to ERC-20. TRC20 is said to be nearly similar to ERC-20.
More about TRON
The news of adding Tether to TRON’s blockchain comes in the wake of a prolonged debate over its tokens, which are backed by US dollar deposits, with each token always worth one dollar.
Founded by Chinese entrepreneur Justin Jun, TRON is a blockchain-based protocol dedicated to creating what it calls a “decentralized and free internet.” The TRON network provides mechanisms for allocating the value of user-generated content, with anyone who contributes content being entitled to profits of proportional value.
Last year, the Tron Foundation said it would be working closely with Baidu, a China-based internet giant, to work on a large cloud service with the final goal of providing better blockchain solutions.