Huobi Announces Support for USDT Stablecoins on TRC-20 Network

Cryptocurrency exchange Huobi announced the coordination of actions with Tether and the continuation of cooperation with TRON. Huobi Announces Coordination with Tether to Execute Ethereum ERC-20 to TRON TRC-20 Swap. The companies issued the notice amid Chinese market concerns about the reliability of the TRC-20 network. “In order to meet the multifaceted needs of users for stable trading, Huobi Global is going to support USDT on TRC-20 (USDT-TRON) jointly launched by TRON and Tether. Huobi Global will support three forms of USDT: Omni, ERC-20, and TRC-20,” the exchange said in a statement. According to crypto reviewer Colin Wu, some OTC crypto asset sellers in the Chinese market have stated that they no longer accept USDT TRC-20 and need users to submit USDT ERC-20 issued on the blockchain to the exchange to trade. Ethereum. The analyst believes that this behavior on the part of OTC sellers in relation to the TRC-20 network is partly caused by concerns spreading in the crypto community about the liquidity and reliability of the TRON blockchain, as well as related projects. Wu suggested that the decision of Chinese OTC sellers may have been influenced by the opinion of the analytical company Chainalysis, which believes that issuing USDT on the TRON network does not comply with anti-money laundering requirements. The Tether team confirmed on Twitter that they are coordinating with Huobi to convert ERC-20 to TRC-20, and that the total supply of USDT in the market will not change.. Immediately after the statement was made public on social media, a columnist for Whale Alert reported that $400 million had been transferred from Huobi to Tether Treasury. Earlier, analysts at Cornell University published a report stating that a drop in user confidence in stablecoins could lead to a collapse in the bond and US Treasury markets.