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Touted as the boss in the stablecoin market, Tether has enjoyed widespread attention since its launch in October 2014 (initially dubbed “Realcoin”). Until March 2018, Tether was the sole stablecoin in the market, helping to bridge the gap between digital currencies and fiat currencies. March last year saw the entrance of several alternative stablecoins into the market. Be that as it may, Tether still enjoys a certain level of dominance over them all.
Tether was initially created to disrupt the longstanding, and almost archaic, legacy of the traditional financial system and it has lived up to its promises till date, although it has been surrounded by controversies and investigations.
As a change catalyst, Tether was used as a modern channel to bridge the ridiculously wide gap between digital currencies and the traditional financial system. Tether became the modern channel through which customers can trade with fiat currencies across the blockchain; basically, Tether provides access to the digital economy without having customers go through the complex world of digital currencies. This brilliant initiative was new at the time and needed to move further towards the mainstream for better acceptance by a wider global audience.
To achieve this, Tether decided to broaden its horizon to include other cryptos, not just Bitcoin. So, it partnered with Ethereum to create the Ethereum-based Tether which has gained a substantial amount of acceptance across the globe.
Well today, Tether is making a statement that you can most definitely teach old dogs some new tricks as it has moved to partner with TRON to expand its use cases across the TRON blockchain. The announcement which made rounds yesterday, March 4, stated that a new token dubbed the TRC20-based USDT is set to be available on the TRON blockchain as early as the second quarter of 2019.
The new token is proposed to help increase interoperability across TRON-based protocols and dApps. Thus, creating a new medium for customers to transact and exchange stablecoins (i.e. digital currencies pegged to fiat currencies) on the TRON network. This collaboration is indeed huge as TRON is notoriously known for its contributions to the crypto space. The TRON blockchain that was launched in mid-2018 is a smart network focused on providing a highly smart and scalable ecosystem for blockchain developers. Since its launch, the network has enjoyed unparalleled acceptance in the crypto blocks.
Combining features of both astounding platforms, this collaboration is proposed to help make blockchain more accessible to enterprise-level partners and institutional investors. This initiative will go a long way to increase the current dApps in the ecosystem as well as bolster the overall value storage and elevate Decentralized Exchanges (DEX) liquidity within the ecosystem.
Justin Sun, the founder of TRON, expressed joy over the partnership and asserted that he is positive the partnership will cause incredible stability and confidence to users. Users can now redeem their tokens for US dollars without breaking a sweat.
Commenting on the partnership for the TRON foundation, Jean-Louis van der Velde, the CEO of Tether, admitted that they are pleased by the collaboration. He explained that this partnership further proves their commitment to bolster innovation in the crypto space.