Slowly but surely, stablecoins continue to make their way to different blockchains. In Tron’s case, the addition of TUSD is a significant development. It is the third prominent stablecoin on this blockchain, indicating this ecosystem has some merit.
TUSD is Coming to Tron
Stablecoins must gain as much traction as possible. One way to achieve this goal is by issuing a fiat-pegged currency on a more popular blockchain. Although many people consider Ethereum the go-to for DeFi and stablecoins, there are other options on the table as well. Tron, for example, is making a name for itself in this regard.
More specifically, the TUSD stablecoin will be making its way to the Tron blockchain shortly. TrustToken, the team behind this stablecoin, is convinced the time has come to take this collateralized stablecoin to the next level. According to the Medium post, this currency is now the most transparent stablecoin on the market. A very bold claim, even though over 100 exchanges and OTC partners trust TUSD.
Something needs to change to achieve the next level. Finding a partner capable of providing a vast global network is crucial. Tron appears to check the right boxes for the TrustToken team. An Asia-based consortium will work with Tron to develop TUSD on this new blockchain and other blockchain networks in the future.
This partnership will, according to TrustToken, improve the financial and operational resources for TUSD. More importantly, it allows the team to get a better foothold in the Asian foothold. Contrary to what most enthusiasts may think, the Asian market remains keen on access to cryptocurrencies and stablecoins.
Multiple Stablecoins on Tron
It is intriguing to note how Tron is now home to multiple key stablecoins. Not only is there TUSD, but USDT and USDJ should not be overlooked either. With multiple fiat-pegged currencies vying for traction on the same blockchain, it remains to be seen who will come out on top a few years from now.
Looking at the market capitalizations for these different currencies, TUSD is a significant addition for Tron. With a market cap of over $244 million, the currency is well ahead of USDJ. Even so, a bit more competition has never hurt anyone. With so many fiat-pegged coins out there, a significant shift will occur sooner or later.
This news further validates how Ethereum is not the only viable chain for stablecoins. Its limitations in terms of throughput and gas fees have made that all too clear. Tron may be a dark horse in this race, depending on how successful all of these ventures prove to be. It is already the cheapest blockchain for USDT transactions today.
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