Crypto Exchange Poloniex Adds Support for USDT on Tron Blockchain
Major cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron blockchain.
United States-based digital currency exchange 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 in the announcement that its decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support both versions, Poloniex will be converting a percentage of Tether currently on the Omni blockchain to Tether on the Tron blockchain.
Additionally, Poloniex is planning to launch an airdrop to eligible clients owning Tether later this month. “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 exchange says.
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.
Last December, Poloniex launched a dedicated offering for institutional traders. The exchange thus joined an increasing array of operators looking to service the institutional market.
Prior to that, Poloniex announced plans to remove margin and lending products for its customers in the U.S and delist three digital assets, Synereo (AMP), Expanse (EXP), and Gnosis (GNO). Poloniex explained then that the move had been taken to ensure the exchange complies with regulatory requirements in every jurisdiction. The announcement, however, did not refer directly to any specific regulations.