By CCN.com: Tether announced today that it’s issuing USDT on the TRON blockchain. As Tether writes in its own blog post on the subject:
The TRC20-based USDT enables interoperability with TRON-based protocols and Decentralised Applications (dApps) whilst allowing users to transact and exchange fiat pegged currencies across the TRON Network.
TRON is only the third blockchain on which Tether has issued its stablecoin. Late last year, various actions by Tether Limited got people thinking that maybe the company was exiting the market altogether. For one thing, their actual redemption fees are huge post-Bitfinex exclusivity. For another, they were seen quietly arbitraging and retiring USDT from circulation.
Tether On The Rebound?
But the news of a TRON expansion dovetails with a rebounding market capitalization, which in the past 30 days spiked above 2.1 billion at one point. The market capitalization of Tether signifies both the trust in its stability and the current state of the market. Many traders stash funds in stablecoins when markets are uncertain, as they have been recently.
USDT spiked earlier in the 14-day period. Source: Coinmarketcap.com
The news also happens at a time when Tether is posting a “positive peg,” wherein Tether at press time was trading for 1 cent over its $1 target. That means demand is outpacing supply on several exchanges. The exchanges doing the most volume on USDT today were BitMax, CoinBene, and EXX. Interestingly, the most active market today was Paxos Standard and USDT, with 10% of the total volume.