Tether CEO Jean-Louis van der Velde said of the development:
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.
The token will be based on the TRON TRC-20standard, and make transactions on TRON’s dapps easier. TRON dapp development has noticeably been growing, exceeding both EOS and Ethereum according to dapp.reviews.
TRON CEO Justin Sun said that effort would bring stability:
… collaboration with Tether to bring a USDT TRC-20 token to TRON will bring incredible stability and confidence to users.
Additionally, institutional investment would more easily be able to invest in TRON with the option of a stablecoin.
Tether has been received with skepticism by much of the crypto community, as it was doubtful if the team had enough in dollar reserves to back their tokens. For many months, Tether tried to prove to crypto enthusiasts that it indeed has the dollar reserves, even releasing an audit that did not entirely convince the latter.
TRON, meanwhile, has been doing rather well in terms of marketing and development in recent months, with the aforementioned increase in dapp development being just one of the notable events.
CEO Justin Sun has many more plans as he recently announced a plan to build a 1 billion-strong TRON ecosystem with BitTorrent.
The 2 projects have been cementing a place in the crypto industry, despite the controversy they have generated.