The CEO of Tron, Justin Sun emphasizes on the significance of stablecoins in the world of cryptocurrency. He also stated the objectives behind the launch of stable, an upcoming USDT-Tron coin. He further went on explaining the importance of stablecoin, as per the report.
Stablecoins are not tied to the fluctuations in the crypto market, according to Sun. He explains that stablecoin is different from rest cryptocurrencies. He further emphasized that the traders want to keep their assets free from all sorts of fluctuations going on in the market. They do so because they want to keep their assets safe and secure. It is where stablecoins does the great help for them and is therefore important, says Sun, the CEO of Tron.
Justin Sun states that stablecoin is the most important thing to define the whole infrastructure of the crypto industry. He clarifies that the partnership of Tron with USDT will make the transactions faster, cheaper and reliable. It will prove to be a great help in the future, As per Sun.
USDT shares the same Blockchain as Bitcoin, Sun explains
USDT shares the same blockchain technology as that of Bitcoin, Sun explains. Therefore, the transaction rate was pretty expensive. It was limited to 300K per day, explains Sun. Further, the CEO of Tron claims that stablecoin is a solution to these sorts of problems. According to him, this is the prime reason why they are launching stablecoin. He claims that they migrate the USDT-Omni to USDT-Tron on a majority basis.
The USDT-Tron partnership to launch stablecoin would benefit the whole community of Tron and blockchain. It is so because it would diminish the congestion and the poor user experience.
According to Justin Sun, the current solution is obsolete, unreliable and expensive. He also noted that stablecoins have the potential to provide the infrastructure which is required for secure payments. Stablecoins consist of robust payment gateways that would make the usage very friendly, claims Sun.
Sun also explains that stablecoins has a highly scalable blockchain. It will allow the transfers with USDT which is the most dominant stablecoin, says Sun. He also claims that the process would be a lot faster to make a great user experience.
Ripple Lab Employee mentions the product and services of Tron are to attract investors
On the other hand, a former Ripple Labs employee mentions that the products and services of Tron are developed only to attract more investors, particularly from institutions.
Recently, Tron received a lot of criticism on social media. It was due to allegedly mismanaging giveaways. It included giving away a free car from Tesla. To this, Sun explains that Tron plans to launch a giveaway in a manner that does not involve access of assets of users.
Sun also clarifies on the matter involving Tron Foundation to distribute $20 million. He says that they will handle the project in a completely decentralized manner.
Further, Sun claims that the method involving stable coins is secure. He added that the user funds will remain 100% safe. Sun also answers the question of launching date of USDT-Tron Stablecoin. He says that they will launch it probably in the second quarter this year.
Vijaya Bharti (Author)
With a background in finance and a passion for writing, she has made her passion her profession. Her endless desire to learn new things developed her interest in Blockchain Technology and the Crypto world. She enjoys writing and learning in the process as she believes there is no end to gaining knowledge. She likes to unwind by watching online series or reading when she is not working.