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Tron CEO Justin Sun Predicts That TRC20-based USDT Will Become the Biggest Stablecoin

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  • Alex Dovbnya
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    Justin Sun touts the success of Tron-based USDT, forecasting that it will become the biggest stablecoin

Tron CEO Justin Sun Predicts That TRC20-based USDT Will Become the Biggest Stablecoin
Cover image via www.facebook.com
ByBit
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Jack Ma protege Justin Sun, who also happens to be the CEO of Tron, has enormous plans for TRC20-based USDT.  

In his recent tweet, he predicts that the version of Tether issued on the Tron Blockchain will become the biggest stablecoin on the market.  

Having high expectations

His bold call came after the Tron-based version of Tether edged out TrueUSD, a dollar-pegged coin that is powered by the Ethereum Blockchain. Thus, it became the fifth-largest stablecoin out there by market capitalization. 

The total amount of USDT is inching closer to the $196 mln mark. Notably, it was $170 mln just five days ago, which just goes to show how fast the stablecoin's supply is growing.    

Another noteworthy takeaway from the data shared by Sun is that USTD's supply on Ethereum is about to overtake the USDT on Bitcoin's Omni layer. Prior to that, Tether Treasury burned 400 mln Omni-tokens on Sept. 16.  

Abandoning Bitcoin

Over the last few months, Tether has been quietly moving its USDT tokens from Omni and Ethereum to more exotic Blockchains. Bloomberg suspected that the company wanted to make it harder to track its transactions. 

As reported by U.Today, the number one stablecoin issuer was slapped with a class-action lawsuit, which alleges that the defendant was responsible for $1.4 trln in damages for manipulating crypto market prices.   

Will Tron-based USDT continue to grow? Share your own predictions in the comments! 

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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