Chinese Impact on This Altcoin: CEO Makes a Statement!

Chinese Impact on This Altcoin: CEO Makes a Statement!
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According to Colin Wu, a well-known Chinese journalist and cryptocurrency expert, stablecoins based on the well-known altcoin Tron in China are no longer used. Wu argued that people in Chinese do not want to deal with stablecoins on the Tron Blockchain. Meanwhile, a statement on the matter came from Tron founder Justin Sun.

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TRON token standard not accepted

Colin explains that over-the-counter (OTC) exchanges in China are increasingly refusing to serve customers who specifically want to receive USDT service using the TRC20 (Tron) standard. This was due to some doubts about the “purity” of the cryptocurrency. USDT is a stablecoin issued by Tether. Local platforms require customers to exchange their assets for an ERC20 standard currency (Ethereum) and then contact them again to get the service.

Chinese Impact on This Altcoin: CEO Makes a Statement!

It is also noteworthy that crypto lending firm Matrixport has completely stopped supporting TRC20-based USDT. However, no official statement has been made about this news so far. According to Colin Wu, many are concerned that the TRC20 standard does not meet the necessary anti-money laundering requirements of the American firm Chainanalysis. These “special requirements” are currently unknown.

Justin Sun, who founded the Tron Blockchain, initially did not comment on the information regarding traders’ refusal to work with cryptocurrencies on the TRC20. Contrary to these statements, Sun published several posts on his Twitter account, where he talked about how efficient and efficient the collaboration between Tether and Tron, which created the USDT, could be called.

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Reply from altcoin Chinese founder

Although he did not make a random statement on the subject at first, Sun came up with some statements today. First of all, he states that the issue of faith has become even more valuable with the development of the crypto money sector. That is why he states that “Tron and Tether are committed to developing and maintaining USDT-TRC20 as the most reliable and useful coins in the department.” Also, the founder uses the following words:

One of the most valuable things that distinguishes USDT-TRC20 from other stablecoins is its decentralization. With the TRON network, we can reduce the risk of possible attacks or breaches by preventing a single institution from controlling the flow of funds. This situation enables the realization of faster, cheaper and more efficient processes at the same time. Another valuable advantage of USDT-TRC20 is its ability to handle high volume processes.

Chinese Impact on This Altcoin: CEO Makes a Statement!

In addition, Sun states that it has a process volume of 10 billion dollars and underlines that the network has not experienced any form of interruption or delay in the last 1500 days. Still, he states that they do not trust their reputation and emphasizes that they are always working to improve their infrastructure and keep it up to date. He also states that they are determined to be a pioneer in the sector, from regular security controls to the latest technologies. Apart from that, the TRON founder states that they always make an effort to gain and maintain the trust of the community. Finally, he emphasizes that USDT-TRC20 funds are in faith.

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