TRON-Based Tether (USDT) Coming Soon to Bitfinex
The exchange has announced readiness for an immediate listing, while TRON’s founder Justin Sun signaled readiness for the asset on the blockchain.
The long-awaited TRON-based Tether (USDT) may arrive soon to open trading. Indications were given on both sides - the TRON (TRX) co-founder Justin Sun stated that the smart contract for the token was ready. Meanwhile, Bitfinex exchange recently expressed readiness to list the asset as soon as it appears on the blockchain.
Bitfinex, which is connected to the issuer of USDT on the Omni layer of the Bitcoin network, will list the asset immediately.
The asset has been widely hyped as a source of passive income for holders. For now, it is uncertain what supply the new USDT will have, and whether it could be converted from the current type of Bitcoin-based asset. The conversion between the two types of assets will be in the hands of the holders, who may decide to move to a new blockchain:
“TRON announced a total of $20 million incentive plan, to encourage users to convert their USDT holdings into USDT-TRON, so that they can enjoy a faster, more economic and more concrete payment experience,” the TRON Foundation stated in a recent blog posting.
The coming weeks may see a minor movement of funds to the new type of asset, potentially affecting the supply and the turnover of USDT. However, the exact effect is unknown. In general, Bitfinex has seen an exodus of USDT coins, remaining with just around 22 million coins based on the Rich List.
It is also unknown how much TRON (TRX) will receive a boost from the new USDT asset. Currently, a large section of TRX trading happens against the stablecoin, but the prices remain stagnant just under $0.030. The biggest obstacle for new USDT holders would be to move to a different type of wallet if they need to move the assets between exchanges. So far, TRON-based tokens are few and far between, with no extensive experience on token and smart contract security.
Following the news, the TRX market price moved down to $0.027 as of 9:30 UTC on Thursday, sinking from peaks above $0.031.