Crypto Exchange Poloniex Launches Support for USDT on Tron Blockchain
Cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron (TRX) blockchain, according to an announcement on April 19th.
Poloniex has added support for deposits and withdrawals of USDT on the Tron network. The development will reportedly support Tether on both chains — USDT issued on the Omni protocol and the Tron network.
Poloniex said its decision to support the new chain is due to expanded flexibility it provides to the USDT platform. To support both versions, Poloniex will be converting a percentage of Tether currently on the Omni blockchain to Tether on the Tron blockchain.
Poloniex is also planning to launch an airdrop to eligible clients owning Tether later this month. The exchange says “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,”
Tether started issuing USDT on the Tron (TRX) blockchain on April 17. The development is an upgrade from the Omni protocol-based USDT, that purportedly enables users to hold and transfer the cryptocurrency through smart contracts on Tron.