Letter to A New Era of Stability for TRON Blockchain
On April 17, the founder of TRON, Justin Sun, published a letter to the community titled “Letter to A New Era of Stability for TRON Blockchain” shortly after the first 10 USDT-TRON was issued on the TRON network.
The letter talks about how USDT-TRON can benefit existing TRX and BTT users, existing USDT-Omni based users, as well as all other users in the blockchain industry. Check below for the full-text version of Justin’s letter to the community.
Today we are excited to usher in the new USDT stablecoin based on our TRC-20 standard.
So what’s a stablecoin, and what does it mean for you in the community?
A stablecoin is a digital token that is pegged to the US dollar or other fiat. It’s the closest thing to traditional finance in the cryptosphere since it offers both consumers and business a safe haven from times of volatility. For instance, one TRC20 based USDT stablecoin could be cashed in for its equivalent in underlying reserves held by Tether, the creator of the world’s first stablecoins, under its terms of service. Even better, these stablecoins enjoy the same benefits as other blockchain currencies, including transparency, security and privacy.
As many of you know, instability in the marketplace — including the long bear market — creates a lot at skepticism about long-term prospects for the blockchain industry In particular, companies and institutional investors are sitting on the sidelines and not implementing blockchain or cryptocurrency as a term of payment because of the wide price swings affecting the markets.
This is a big reason why we need stablecoins on the TRON network. By implementing USDT built on TRON blockchain, we’re taking a big step into a world representing stability — and into the world of decentralized finance.
Ultimately, users in Korea will be able to quickly and efficiently transfer this new digital currency back to relatives in Israel. Consumer electronics makers will able to pay Asian suppliers and track the progress of their purchased goods every step of the way And that’s just the tip of the iceberg in terms of the promise of TRC20 based USDT.
I think of USDT built on TRON blockchain as a win for the blockchain industry and for our community More people will be able to trade TRX, BTT and other TRC-based tokens through the TRC20 based USDT pair, creating liquidity. In turn, liquidity helps build confidence and trust that typically results in greater stability throughout the ecosystem.
We’re so excited about TRC20 based USDT that we created an incentive plan to reward holders by airdropping super attractive APRs over the first 100 days after launch. I hope this will accelerate the transition from the USDT-Omni product into our more robust TR20 based USDT offering. We, of course, don’t hold any of those tokens. It all sits safe and sound on blockchain exchanges and in individual wallets.
As we introduce this new stablecoin, I also firmly believe it will accelerate our push to be the leading platform for developers of dApps. We already have nearly 300 on TRON in just a few months, and we aim to get to 2,000 by the end of this year. More people will be able to engage with these dApps as it’s a lot easier for people to understand and use a stablecoin in a consumer-facing use case.
USDT built on TRON blockchain doesn’t just benefit TRX and BTT holders, but also USDT users. The TRON blockchain is faster, smarter, and cheaper, Exchanges will help support TRC20 based USDT, TRX, BTT and the dApp ecosystem built on the TRON blockchain.
I am confident that TRON will be the first in the race to bring an easy-to-use use cases for blockchain and cryptocurrency to the average consumer, and TRC20 based USDT represents a major step in that direction.
It makes me excited about a bright future for projects we have in the pipeline, and excited that you in the community have supported us as we undertake this amazing journey to bring privacy and ownership back to the internet. My goal is to make blockchain just as steady and familiar to the average consumer as today‘s internet and payment systems. TRON to the future! Stay aboard for the ride.