According to CoinMetrics, the volume of Tether released on the Tron blockchain (USDT-TRX) reached about 1 billion. After the decline of 2019, Tether, based on Omni, has reached 1.5 billion in market capitalization and continues to decline.
Over 916M of the controversial stablecoin Tether (USDT) has been migrated over to TRON’s blockchain as of mid-December.
Few people expected that Tether’s relationship with TRON would have such an impact.
In March, TRON announced that it would be the latest blockchain to deploy a Tether stablecoin as BeInCrypto reported then. Since then, the amount of USDT represented on TRON has exploded. The leading stablecoin has a market capitalization of $4.1B, which makes this deployment all the more surprising.
Justin Sun, the CEO of TRON (TRX) has announced that he will be postponing the $20 million USDT rewards program until there is further clarity regarding the recent legislative storm surrounding Tether and popular cryptocurrency exchange Bitfinex. Interestingly enough, the move follows statements of Tether’s general counsel Stuart Hoegner that the stablecoin is not, indeed, […]