Allegedly, some over-the-counter (OTC) traders in the Chinese market recently are now Tron (TRX) on the TRC20 network USDT says they do not accept it and users must go to the exchange to exchange it for ERC20 USDT before trading.
Some Chinese Traders Not Accepting USDT From Tron’s (TRX) TRC20 Network
Founded by Jihan Wu, Matrixport has suspended depositing and withdrawing USDT on the TRC20 network since the 9th, and there has been no statement so far.
As to the reason why OTC traders refuse to accept TRC20 USDT, there is an explanation that tools like Chainalysis do not meet anti-money laundering requirements, thus being rejected by institutions and relatively regulatory-compliant OTC traders.
Tron founder Justin Sun made a statement on the subject after the allegations:
“Cryptocurrency As the industry continues to evolve, the importance of secure and reliable infrastructure becomes increasingly vital. That’s why we at Tron and Tether are committed to developing and maintaining USDT-TRC20 as the most secure and convenient platforms in the industry.
One of the most important features that distinguishes USDT-TRC20 from other stablecoins is its decentralization. By leveraging the TRON network, we can reduce the risk of possible attacks or breaches by preventing a single organization from controlling the flow of funds.
This decentralization also enables faster, cheaper and more efficient transactions. Another important advantage of USDT-TRC20 is that it can handle high volume transactions.
Our platform, with a trading volume of 10 billion, has processed a large number of transactions in the last 1500 days without any interruptions or delays, ensuring that your funds are always ready.
But we do not rely on our reputation, we are constantly working to improve and update our infrastructure to ensure that we always provide the safest and most convenient experience for our users.
From regular security audits to implementing the latest technologies, we are committed to being at the forefront of the industry.
We know that trust is earned, not given, and we strive every day to earn and maintain the trust of our community.
That’s why we want you to be sure that your funds are safe with USDTether-TRC20, and we will continue to work tirelessly to maintain the highest level of security and trust in TRON. Thank you for your support and trust in our mission to revolutionize the stablecoin world.”
*Not investment advice.
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