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Poloniex Exchange, a US-based company, announced its support for the USD Tether, recently launched in the form of a TRC20 token, alongside the existing USDT-Omni, supported on the Exchange platform.
USD-Tether is a stable coin that is pegged to the US dollar with a ratio of 1: 1. Tether provides backup of freed funds in the form of cryptocurrency on the blockchain.
Misha Lederman, Co-founder of IAmDecentralized.org and a supporter of Tron tweeted about the new USD Tether:
✅USDT is the most used stablecoin – indexed to 1: 1 on the US dollar ✅ Previously, available as a pledge on Bitcoin & Ethereum – now available on TRON TRON provides a 20 million USDT-TRON gift for 100 days.
Poloniex will support two versions of USD Tether
Tether is the company that ensures the conversion of value into cash in the form of cryptocurrency but linked to an badet. USD Tether is the most widely used part, which is 100% guaranteed by Tether Reserves.
In addition, while the reserves are identical, the USDT runs on multiple blockchain platforms; USDT-Bitcoin, Ethereum, Omni and Tron all use a USD Tether.
Nevertheless, the USDTs of the different channels are not interchangeable, that is, the channel markets may be the same, the wallet addresses of these channels are different. In addition, smart contracts on the Tron network will only be able to access USDT-Tron and apply equally to OMNI and Ethereum.
Previously, the USDT offered on the Poloniex Exchange was designed on the OMNI channel. Now, the stock market has decided to take over both versions of the chain using the fact that they share a common pool and therefore seemingly the "same cryptocurrency".
However, the stock market has confirmed that this would have no effect on the USDT markets on Poloniex. In addition, users should not take any action to convert or transfer their existing USDT-OMNI tokens, as they will also continue trading.
Since it's relatively easier to adopt the new USDT-Tron with USD-Omni and USDT-Eth, do you think that other stock exchanges will also add support soon?
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USDT-Tron and USDT-Omni will coexist as single cryptocurrency on this exchange
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Poloniex Exchange announced its support for the USD Tether launched recently in the form of a TRC20 token. USD-Tether is a stable coin that is pegged to the US dollar with a ratio of 1: 1. Tether provides backup of freed funds in the form of cryptocurrency on the blockchain.
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Nivesh Rustgi
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CoinGape
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