Tron And USDT Partnership Going Well-$1 Million In Bonuses Issued

Tron and USDT partnership seems to be going well since there were more than $1 million in annualized bonuses issued according to the blog post of the foundation which we are reading more about in the latest cryptocurrency news below.

Of course, not everything is as simple as it seems. You remember the time when Justin Sun promised to give a fan a new Tesla Model 3 and he eventually did after he was pressured by the community after he awarded to someone else? Well now with the new Tron and USDT partnership, everyone in the network was expecting a little bit of the controversial stablecoin in their wallet. This is true since Sun originally promised about $20 million but the details of the story are not so simple. The users will not get free USDT coins unless they already have some. The adoption of the controversial cryptocurrency has been going really slow with just about $100 million of the roughly $2 billion stablecoins released into circulation and according to the blog post we can read that:

 “As of August 6, the total amount of TRC20-based USDT rewarded in 23 days was 712,478.662307 USDT and a total of 37175 accounts received the reward. According to the USDT price on Bitfinex, the total value of the reward in 23 days was equivalent to $715,027.02537.”

With the scandals hovering around Tether, it seems very easy to explain why there are less than $1 million of the funds available and distributed so far. Tether is currently available on Bitcoin via the Omni Layer, Ethereum on the ERC-20 token and TRON as a TRC-20 token. The reserves of Tether have been called into question multiple times since a series of events lead to an admission that there could only be 74 percent backed by the USD.

The ongoing scandals are still not resolved and they are surrounding a huge pile of cash that is invested into tether by the crypto investors since 2014. As we can read in the altcoin news, Justin Sun tweeted back on Wednesday about the subject. He even praised Chinese socialism and broke down the rumors that he was running away from Chinese authorities. He later apologized for canceling the lunch with Warren Buffett because of alleged kidney stone.