TRON Foundation ranks 2nd behind Ethereum network in hosting the total number of USDT. Currently, USDT has been issued on 6 blockchains including TRON Foundation.
After this year’s Bitcoin halving, we have been seeing a massive decline in Bitcoin’s market price and with the on-going pandemic, it has been affecting the cryptocurrency industry. With these events, a lot of cryptocurrency traders have been cashing out or moving their assets into other cryptocurrencies such as USDT to find a safe place for their investment.
In times of market uncertainty most cryptocurrency traders these days prefer to use Tether (USDT) and other tokens to wait out until the market prices stabilized.
Asides from getting headlines from traders moving their assets, Justin Sun highlighted the achievement by TRON Foundation by having 1.7 Billion worth of USDT in circulation within the network and they also surpassed OMNI on the total number of USDT issued on its network. His project is now the second-largest USDT issuer in the industry.
The circulation amount of #TRC20– #USDT issued by @Tether_to on #TRON network exceeded 1.7 Billion.🎉🎉🎉🎊🎊🎊 pic.twitter.com/ddOBWBDUyw
— Justin Sun (@justinsuntron) May 12, 2020
This milestone made TRON Foundation the second-largest issuer of the stablecoin, with over $1.7 billion units on its blockchain.
Currently, there are six blockchains having USDT on their network, and Tether has now a total of 8.591 billion in total assets and has shown dominance as the preferred stablecoin in the cryptocurrency industry. Here is the list of blockchains that issues Tether (USDT):
- Ethereum
- TRON Foundation
- Omni
- Liquid
- EOS
- Algorand
What is Tether (USDT)?
Tether is a cryptocurrency with tokens issued by Tether Limited and a value meant to mirror the value of the U.S. dollar. Tether (USDT) is issued on the Omni, TRON Foundation, and ETH blockchains.
Tether belongs to a cryptocurrency category called stablecoins that keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other well-known cryptocurrencies like Bitcoin and Ethereum. The company started out in July 2014 as RealCoin and was rebranded as Tether in November by Tether Ltd and started trading in 2015.
Justin Sun has proven again that his projects and leadership would make headlines across the cryptocurrency industry and now is the 2nd largest issuer of the USDT stablecoin behind Ethereum network. Alongside with TRON Foundation’s TRX, the sky is the limit for Justin Sun and there will definitely more projects to come for young CEO.
Have you moved some of your assets to USDT? If yes, please let us know in the comments below and tell us the reason why you have decided to go to this stablecoin.
For more news and daily crypto updates, see Tron Spark.
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