The largest issuer of stablecoins again loads the Ethereum network with assets
The community has divided opinions regarding the correctness of the decision.
Ethereum remains a monopoly for Tether despite the support of other blockchain networks
International consortium of news organizations developing transparency standards.
The cryptocurrency community associates translation with high demand from the community on the Ethereum blockchain
Tether, the largest stablecoin issuer by market capitalization, announced the withdrawal of 1 billion USDT tokens from the TRON blockchain on Ethereum.
The company announced this on its Twitter page..
“The total supply of Tether will not change as a result of this process,” the company said.
Not everyone in the cryptocurrency community supported this decision. Some noted that loading the Ethereum network with new tokens amid skyrocketing transaction fees is at least strange. At the same time, other users believe that such a large transaction could mean that stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. Since … More is in demand on the Ethereum network, not TRON. This point of view is supported by reporting on commission costs for using stablecoin based on the TRC20 protocol..
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On the trail of commissions
According to statistics from blockchain observer TRONSCAN, the Tether smart contract ranks only ninth in terms of spending on the TRON network..
At the same time, according to the Etherscan service, which monitors activities inside Ethereum, Tether takes the second place, behind only the decentralized cryptocurrency exchange protocol Uniswap.
In addition to Ethereum and TRON, Tether has already launched a stablecoin on the Algorand, EOS, Liquid Network, OMG Network, Omni, Solana blockchains, as well as the Standard Ledger protocol supported by Bitcoin Cash. However, none of the above projects have yet managed to achieve at least half of Ethereum’s activity..
The Ethereum blockchain has always been positioned as a sandbox for other ecosystems, which may explain its popularity. The surge in popularity of the decentralized finance market (DeFi) Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More scale, and Tether has become a kind of bridge connecting various ecosystems.
TRON and Tether to launch a new stablecoin on TRON blockchain
Nevertheless, there are those who predict the sad outcome of Tether’s monopolization. For example, renowned analysts and trader Peter Brandt believes that Tether will face the same fate as many traditional fiat currencies..
“Tether is a dubious fiat currency that will suffer the fate of all fiat currencies, or worse. The outcome will not be pleasant, “Brandt wrote on his Twitter page..
Brandt has long been an adherent of traditional cryptocurrency technical analysis, which hasn’t always worked as expected..
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At the beginning of 2020, the analyst noted that while maintaining the parabolic growth curves, Bitcoin could reach $ 100,000 by 2021.
However, in March, amid the global turmoil from the coronavirus pandemic, Brandt said that in the event of a breakthrough of the $ 7,500 level, Bitcoin would fall to $ 0..
In the same month, bitcoin fell to an annual low of $ 4,656, but the leading cryptocurrency did not fall to $ 0..
Tether transfers 1bn USDT from TRON to Ethereum
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