GCrypto, a cryptocurrency platform embedded within the GCash app, recently announced the addition of another cryptocurrency to its roster to start 2024 with new digital assets. Tron network’s Tether (USDT)is now available for purchase, sale, and trading on the crypto platform, bringing the total number of available tokens to 27.
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Understanding USDT
Tether (USDT) is stablecoin, a cryptocurrency that is pegged to the value of a fiat currency, in this case, the United States dollar (USD). Tether is designed to maintain a 1:1 ratio with the USD, meaning that one USDT token is intended to be equivalent to one USD. It is used as a medium of exchange and a store of value in the cryptocurrency market.
The stablecoin is issued by the company Tether Limited and operates on various blockchain networks, including Ethereum (as an ERC-20 token), Tron (as a TRC-20 token), and others. According to the company, the stability of USDT is maintained through Tether Limited’s backing by equivalent reserves in U.S. dollars.
Last year, the stablecoin’s market share surged by 54%. This rise is attributed to challenges faced by its competitor BUSD, with issuer Paxos discontinuing stablecoin issuance under the New York Department of Financial Services’ directive.
Ethereum USDT vs. Tron USDT
The primary distinction between Tether USDT on Ethereum and TRON is the blockchain network on which they are built. Tether USDT on Ethereum is an ERC-20 token, whereas Tether USDT on TRON is a TRC-20 token. The address format of these tokens differs, with ERC-20 tokens identified by their Ethereum address, which begins with “0x”, and TRC-20 tokens using Tron addresses, which typically begin with “T”.
USDT Price to PHP
Current Cryptocurrency Selection on GCrypto
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Tether (USDT)
- Tron Tether (USDT)
- USD Coin (USDC)
- Uniswap (UNI)
- Chainlink (LINK)
- Aave (AAVE)
- Basic Attention Token (BAT)
- The Graph Token (GRT)
- Enjin (ENJ)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Avalanche (AVAX)
- Polygon (MATIC)
- Polkadot (DOT)
- Axie Infinity Shards (AXS)
- Smooth Love Potion (SLP)
- Cardano (ADA)
- Solana (SOL)
- Binance Coin (BNB)
- Stellar (XLM)
- SushiSwap (SUSHI)
- Ripple (XRP)
- Paxos Gold (PAXG)
- Shiba Inu (SHIB)
- ApeCoin (APE)
How to Trade on GCrypto:
- Access GCrypto through the GCash app.
- Ensure your GCrypto wallet is funded, with seamless top-ups available via GCash.
- Choose your desired cryptocurrency.
- Opt for either buying or selling.
- Enter the amount in PHP or cryptocurrency.
- Review and confirm the transaction details.
GCrypto Crypto Additions in 2023:
(Read: Beginners Guide to GCrypto | How to Buy & Sell Crypto on GCash)
This article is published on BitPinas: GCrypto Expands Offerings with the Inclusion of Tron’s USDT
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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