Tether is a blockchain project with a twist (or a bonus, for some). For the beginners, such firms issue a cryptocurrency that is not 100% virtual as most other coins are but a “stablecoin,” which is a currency backed by some fiat currency or some other commodity. In Tether’s case, the currency was initially supported by a US Dollar per every token (which is why the currency is called USDT). The project has evolved and it now also includes loans to affiliate companies as backing. This new development is quite recent as it happened barely a month ago.
The idea of a stablecoin is to have a cryptocurrency that has all the advantages of portability and transaction speeds we can find in the best digital assets (Bitcoin, XRP, Litecoin, Tron, etc.) but that it’s immune to the inherent price volatility so its value can be depended upon.
The token has been useful in avoiding volatility. Even during the coldest stages of the crypto winter that started on December 18th, 2017, USDT’s price always remained around USD 1.00, which is quite remarkable as most other prices went down by more than 85%. As we write this, tt’s the 8th cryptocurrency by market capitalization at $2,555,882,951 total value. So while it’s still not one of the dominant players in the market, it holds a prominent place.
The project’s blockchain was based on Bitcoin’s, and it was called Omni. And that’s where most of the project’s limitations used to be. The Omni network was rather slow in transaction speeds, and the fees were relatively high, so that’s limited the coin’s prospects for adoption, despite its apparent advantages.
But that’s changed since this April 9th
To solve the Omni’s network’s problems, Tether decided to partner up with another blockchain project which owns a high-speed network that possesses a high-speed and reliable network in which the USDT token can be re-issued, and in which transaction fees will be non-existent: Tron.
The new USDT-Tron based tokens online, now what?
So what will happen to the old USDT-Omni or USDT-ETH coins? Well, if you hold some of those, there’s good news for you, there’s no need for you to lose them at all. There is a swap going on so that your obsolete USDT tokens are upgraded to the Tron version.
So how do you do that? Well, first you need to have a wallet or be in a cryptocurrency exchange that is supporting the swap. The list of those digital wallets and trading platforms is immense, so there’s undoubtedly one to suit your needs. Then you do this:
- Deposit your USDT-Omni or USDT-ETH digital coins in the wallet or exchange, making sure that it’s one that supports currencies based on Tron’s TRC20 token technology.
- Find out what your wallet or exchange’s instructions are to effect the swap.
- Wait for a little and check your USDT balance.
That’s it. It couldn’t possibly be more comfortable, and it will cost you nothing but a bit of time.
An additional benefit of turning your old USDT into the USDT-Tron is that the currency will be every bit as compatible with all apps and contracts in the Tron network as the blockchain’s native currency, TRX.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition 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.