Major Crypto Exchanges Huobi Global and OKEx Launch Support for Tron-Based USDT

Published at: March 22, 2019

Two major crypto exchanges — Singapore-headquartered Huobi Global and Malta-based OKEx — have announced their support for the Tron-based version of stablecoin Tether. The developments were announced in two official announcements, both published on March 21.

In early March, blockchain protocol Tron (TRX) and Tether, issuer of stalwart stablecoins USDT and EURT, announced their partnership to issue a TRC-20-based USDT — a term that indicates adherence to a technical token standard supported by the Tron blockchain. The new token is designed to be interoperable with all Tron-based protocols and decentralized applications to improve liquidity in the ecosystem.

In their respective announcements, both Huobi Global and OKEx cite user needs and demands for a full spectrum of stablecoin trading, with both noting their platforms now support three separate protocol versions of USDT — the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20 and the new USDT-TRON.

Whereas both OKEx and Huobi are among the world’s leading centralized crypto exchanges — ranked 3rd and 14th by adjusted daily trade volume respectively to press time — Tron and Tether have emphasized that the beneficiaries of USDT-TRON are intended to be traders on Tron-powered Decentralised Exchanges (DEX).

In other reported Tron developments, blockchain consultant and co-founder of Tron community project IamDecentralized.org, Misha Lederman, suggested on March 20 that the launch of USDT-TRON is slated for the coming weeks and months of Q2. Another reported development is the introduction of privacy options for TRX blockchain transactions and “institutional-friendly multi-signature & account management.”

Lederman has also claimed the Bittorrent Speed ecosystem is reportedly set to launch within this time frame, which will reward users of the popular peer-to-peer torrent client BitTorrent with Tron-based BitTorrent (BTT) tokens in exchange for seeding and bandwidth, enabling faster torrent downloads.

As reported, Tron first confirmed its acquisition of BitTorrent in July 2018. The latter launched its native BTT token at the start of 2019, which will power the pair’s plans for an evolving decentralized content distribution platform.

In recent Tether news, the coin’s issuer has faced increased scrutiny after social media users noticed the firm had removed previous claims that the stablecoin was fully backed by United States dollars. The coin has faced long-standing controversy, after critics had suggested that the dollar reserves did not match the amount of tokens in circulation. Last December, Bloomberg stated that it believes Tether does have the appropriate amount of fiat reserves. Tether has not released an official audit of its holdings to date.

Tags
Altcoin
Cryptocurrency Exchange
Okex
Stablecoin
Tether
Huobi
Tron
Related Posts
Tether Mistakenly Mints, Then Immediately Burns $5 Billion USDT
Stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens, Whale Alert tweeted on July 13. Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them. Then, Tether minted another 50 million USDT on the same chain, burned another 4.5 billion USDT, and finally transferred 50 million Tron-based USDT …
Altcoin / July 14, 2019
Crypto Exchange Poloniex Adds Support for USDT on Tron Blockchain
Major cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron (TRX) blockchain, according to an announcement published on April 19. United States-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT on the Tron network. The development will reportedly support Tether on both chains — USDT issued on the Omni protocol and the Tron network. Poloniex said in the announcement that its decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support both versions, Poloniex will be converting a percentage of Tether …
Altcoin / April 19, 2019
Crypto Exchange OKEx Launches Bitcoin Futures Margined With Tether
Cryptocurrency exchange OKEx has launched Bitcoin (BTC) futures contracts that are margined with the Tether (USDT) stablecoin. OKEx announced the new offering in a press release on Nov. 14. OKEx first announced its intention to launch USDT-settled futures trading with up to 100x leverage at the end of October. Now, after conducting a simulation that began on Nov. 5, the exchange listed the BTC/USDT offering on its trading platform. The exchange previously said that offering a stablecoin-based derivatives contract will make it simpler and more efficient for traders to navigate the market and calculate risk. OKEx CEO Jay Hao commented: …
Bitcoin / Nov. 14, 2019
OKEx to Launch USDT Futures Trading With Up to 100x Leverage
The world’s 5th largest crypto exchange OKEx is planning to launch Tether (USDT) futures trading, offering a linear futures contract with leverage of up to 100x. According to a press release shared with Cointelegraph on Oct. 29, the contract will have daily settlement and offers supported pairs with Bitcoin (BTC), EOS, Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), Bitcoin SV (BSV) and Tron (TRX). Stablecoin-based derivatives can simplify trading OKEx argues that offering stablecoin-based derivatives contracts will offer a simpler and more efficient means for traders to navigate the market and calculate risks. A USDT-based derivative, …
Markets / Oct. 29, 2019
Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T
The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame. As expected, altcoins suffered the most In the last seven days, Bitcoin price …
Bitcoin / May 6, 2022