Tron issued Tether continues its ramp as the token reaches a new milestone

Tron and its updates have made it a habit to grab news in the cryptocurrency sphere for a while now, and its Chief Executive Officer [CEO] Justin Sun has been at the helm of all activities. The organization displayed its disruption power recently when the CEO took to Twitter to talk about updates regarding the Tron issued Tether stablecoin.

Sun tweeted:

“Soon TRC20 $USDT will be the largest stablecoin in the world! #TRON #TRX $TRX.”

The Tron official stated this after information came to light that claimed that TRC20 USDT had surpassed TrueUSD to become the 5th largest individual stablecoin asset on the planet. The data showed that the total amount of free float USDT issued by OMNI clocked at 2,084 billion, where the authorized tokens from OMNI amounted to 2.145 billion. The total was calculated after adding the USDT from the OMNI treasury as well as all of the frozen funds.

Ethereum-issued USDT

The Ethereum issued USDT amounted to a total free float of 1.994 billion USDT, where the authorized ERC20 USDT was known to be 2.023 billion. Ethereum also had a stake in another stablecoin, USD Coin, where the total free float USDC was 469.686 million.

The Tron issued USDT, which was created just a couple of months back, was the surprise gainer with a total free float USDT of 195.989 million. This was totaled after adding up the authorized TRC20 USDT and the Treasury TRC20 USDT, both of which were 106.589 million and 599,642, respectively.

Tron and other notable pegged stablecoins

Another major player in the pegged stablecoin was the Ethereum issued Paxos Standard. The total of free float PAX in the cryptocurrency market was 252.957 million, an amount that was just short of the combined number of Ethereum issued TrueUSD and Ethereum issued DAI.

The introduction of Tether on the Tron blockchain was met with much fanfare when it launched earlier this year, with many predicting it as the start of the stable coin revolution. During the launch, Jean-Louis der Velde, the CEO of Tether, had stated:

“We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.