The major crypto exchange Poloniex started offering support for Tether’s stablecoin USDT on the Tron (TRX) blockchain, according to an official announcement. The latest cryptocurrency news published on April 19th showed that the US-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT within the Tron network.
The official announcement said:
“To support both versions, our crypto exchange Poloniex will be converting a percentage of Tether currently on the Omni network to Tether on the TRON network. The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex. The airdrop is scheduled to begin on April 30th and more details will be provided next week.”
According to the announcement which went viral in the Bitcoin and altcoin news, the development will support Tether on both chains – the USDT issued on the Omni protocol and the Tron network. The crypto exchange Poloniex also said that their decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform.
In order to support the two issued versions, Poloniex will be converting a percentage of Tether which is currently on the Omni blockchain to Tether within the Tron blockchain. As Poloniex noted in the announcement:
“The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.”
Meanwhile, Tether started issuing USDT on the Tron (TRX) blockchain on April 17th – and this development has been an upgrade from the Omni protocol-based USDT. As the best cryptocurrency news sites reported, this would enable users to hold and transfer the cryptocurrency through smart contracts on Tron.
In December 2018, the crypto exchange Poloniex launched a dedicated offering for institutional traders and joined an increasing array of operators looking to service the institutional market. Before that, Poloniex explained then that the move had been taken in order to ensure that the exchange complies with the regulatory requirements in every jurisdiction.
However, this announcement did not refer directly to any specific regulations.
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