Stablecoin USDT Launched on Tron Blockchain

Tether  has started issuing its stablecoin USDT on the Tron (TRX)blockchain. The development is an upgrade from the OMNI protocol-based USDT —  which is pegged to the United States  dollar on a 1:1 basis — that now enables users to hold and transfer the cryptocurrency through smart contracts  on Tron ensuring instant delivery.“It enables interoperability with Tron-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the Tron Network,” the announcement explains.Tron will reportedly be settling the matter with digital currency exchanges including Singapore-based Huobi, Hong Kong-based OKEx  and others, starting from April 30th until the beginning of August.The stablecoin previously faced controversy after critics had suspected  the coin of operating a fractional reserve while issuing more tokens than they have backing for, and sending them to Bitfinex  cryptocurrency exchange. Following a subpoena by United States regulators to both Bitfinex and Tether, the company ordered  an unofficial audit, which found that stablecoin had the appropriate amount of backing dollars.

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