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Tron and Omni Layer “exist only to support Tether"

Altcoins

en.cryptonomist.ch 10 August 2021 09:56, UTC
  
Reading time: ~2 m

There is little news at Tron, except when the queen of stablecoins, Tether, takes the field. Indeed, with the news of the issuance of 1 billion USDT on the Tron blockchain, Justin Sun’s network is back in business.

In this regard, a not inconsiderable association has been published by the American rating agency Weiss Crypto:

#Tether issued additional 1B $USDT on $TRON network. #Tron is becoming the new Omni Layer. It exists only to support Tether.

— Weiss Crypto (@WeissCrypto) August 9, 2021

“Tether issued additional 1B USDT on TRON network. Tron is becoming the new Omni Layer. It exists only to support Tether”.

The comparison between Tron and Omni Layer, associates an independent crypto (moved by Tether) with a platform built specifically to enable next-generation functions for Bitcoin. 

Not only that, USDT tokens are born on Omni Layer, with their new version later landing on the ERC20 standard as well (i.e. on Ethereum’s blockchain). It was only last April 2019 that Tether also chose Tron for the issuance of its USDT, and it is from here that its story has seen great growth. 

In fact, the famous face-off between the CEO of Tron, Justin Sun, and the CEO of Ethereum, Vitalik Buterin, saw Tron climb the ranks as the cheapest, fastest and most decentralized blockchain compared to the smart contract blockchain par excellence. Though, of course, without ever surpassing it in terms of market cap. 

A satisfaction that has seen its decline with the explosion of the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) market in which Ethereum and other players such as Binance Smart Chain (BSC) have become protagonists. 

Tron serving Tether for USDT and finally overtaking Ethereum

To date, despite Tron’s highly regarded performance in recent years, Sun’s crypto has dropped to 26th position with just over $5 billion in market capitalization

Nothing like Ethereum, which after its London fork last week, saw a bull run in price topping $3000. Indeed, with its $350 billion marketcap, Buterin’s crypto is untouchable

Yet, if there is one area where Tron can be content, it is Tether. In fact, when analyzing the composition of the 62 billion USDT in circulation, then yes, Tron surpasses Ethereum.

Available on OMNI, Ethereum, Tron, Liquid, EOS, Algorand, SLP and Solana, Tron takes the lead with an impressive 31.9 billion USDT in the TRC20 format versus 30.9 billion USDT in the ERC20 format, and then there’s the rest.


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