The TRON Foundation has announced a partnership that will see the introduction of the stablecoin Tether, or USDT, to the TRON blockchain.
The initiative, says the Chinese-facing blockchain network, will mean Tether coins can be used on TRON-based protocols and Decentralised Applications (DApps), while, at the same time will also allow users to transact and exchange other fiat pegged currencies across the TRON Network.
Since the launch of its main site in June 2018, TRON (TRX) has, via strong marketing and savvy acquisitions, pushed itself into the crypto-currency top 10 list, in terms of market capitalization.
While Tron’s market price has soared, Ethereum founder Vitalik Buterin has joined others in the industry to accuse TRON of having plagiarized parts of its technology.
Buterin and TRON founder Justin Sun went to war last year on Twitter about the issue and clashed again over TRON’s purchase of peer-to-peer (p2p) file sharing network BitTorrent in 2018.
TRON said it meant access to faster and more powerful file-sharing technology, while many in the sector argue that, since the rise of mainstream streaming and subscription gaming, p2p is redundant technology.
Tether, that is closely linked to the Bitfinex exchange, is also never far from the news. Launched in October 2014, the so-called “stablecoin” purports to be connected to the US dollar.
Unlike other crypto-currencies, so-called stablecoins are said to be redeemable for things of tangible value, such as US dollars, or even gold. In a volatile market, many have said such coins are the future of digital currencies. Tether was the first such asset-backed token and it’s a concept that has since been used by many others, including JP Morgan, with its launch of a JPM coin.
However, Tether has been repeatedly accused of being an opaque scam that is a haven to dump profits while other crypto-currencies are in a down cycle.
Some observers, such as Tony Arcieri, a cybersecurity expert formerly at Square, claim it is directly adjusted in relationship to Bitcoin. “I, and many others, suspect Tether is being used to effectively counterfeit hundreds of millions of dollars of perceived value, which are being immediately reinvested into Bitcoin to keep it from collapsing,” Arcieri wrote.
However, in this ever speculative market, who would bet against this Tether and TRON partnership? TRON is known for having one of the crypto-currency industry’s most active marketing machines and Justin Sun is never far from the public eye, while Tether claims to have deep pockets and says it has reserves of $2 billion, although it has repeatedly danced around requests to categorically prove that and last year had to deny claims that it was insolvent.