USDT on TRON's Network Reaches 900 Million Tokens, According for 22% of Its Total

Michael LaVere
  • Over 900 million TRC20 USDT tokens have been issued on TRON's network.
  • TRON now accounts for almost 22 percent of the total supply of Tether's stablecoin. 

Tether USDT on TRON’s network has grown to over 900 million tokens, accounting for almost 22% of the total supply of the stablecoin. 

In March 2019, Tether and the TRON Foundation announced a partnership to issue the stablecoin USDT as a TRC20 token on TRON’s network. Since that time, the amount of TRON-based Tether has ballooned, adding more than 900 million to the total supply. Ethereum ERC20-based USDT accounts for 2.2 billion tokens, while the Bitcoin-based Omni protocol is around 1.5 billion USDT. 

Some analysts have argued that the massive growth of ERC20 and TRC20 USDT shows a strong demand for Tether stablecoins outside of Bitcoin’s framework. Tether first began operation in 2014 as an extension of BTC’s Omni Layer before expanding onto Ethereum’s blockchain. 

According to Tether's transparency pageregarding USDT, while TRON-based USDT accounted for 12% of the total Tether supply in Oct. 2019, that number has ballooned to almost 22 percent as of Jan. 1, 2020. A Binance user is the top holder of TRC20 Tether, while a Huobi account is responsible for the largest portion of ERC20 USDT. 

Featured Image Credit: Photo via Pixabay.com

Justin Sun Offering FCoin Users 1000 BTT to Join Poloniex

Michael LaVere
  • TRON Founder Justin Sun is offering 1000 BTT to former Fcoin users who switch to Poloniex.
  • Fcoin announced its sudden closure earlier in the week and inability to pay back $125 million in client funds. 

TRON Foundation founder and CEO Justin Sun has offered users of now-defunct crypto exchange FCoin 1000 BTT to migrate to Poloniex. 

On Monday Zhang Jian, founder of the Chinese crypto exchange Fcoin, shocked users by announcing that the platform was shutting down and would potentially be unable to pay the $125 million owed to clients. Zhang claimed that the decision was not the result of a hack or exit scam, despite community members pointing to the latter. 

Fcoin’s founder explained the exchange suffered from a series of internal data errors and complicated decision-making. 

The official statement reads, 

The biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users. The internal problems and technical difficulties we face are the result of financial difficulties. It is expected that the scale of non-payment is between 7000-13000 BTC.

TRON’s Justin Sun took to Twitter in the aftermath of Fcoin announcement, expressing his condolence for Zhang and the clients affected by the exchange’s closing. He also announced a campaign to offer 1000 BTT ($0.50) to former Fcoin users who migrate to Poloniex. 

Featured Image Credit: Photo via Pixabay.com