Bithumb Launches TRC20-USDT & Korean Won Trading Pair

The second largest cryptocurrency exchange in South Korea, Bithumb, recently launched a USD-backed stablecoin called TRC20-USDT, built on top of the Tron network system. Moreover, Bithumb is planning to become the first digital currency exchange listed on the Korean stock market.

The TRC20-USDT token adheres to the TRC20 standard for intelligent contract-compliant decentralized applications within the TRON blockchain. TRC20-USDT is backed by an equivalent USDT (Tether) in a reserve account and can be exchanged at a 1-1 ratio. TRC20-USDT has faster transactions, lower fee charges, and better scalability than other stablecoins.

The Exchange launched the USDT under the TRC 20 token standard to meet the growing crypto trader needs. Digital currencies are called stablecoins, which maintain their value at par with a particular fiat currency or asset bundle. They are also used for risk management, monetary policy and international payments.

Similarly, Bithumb became the first exchange in South Korea to support KRW trading pairs with TRC20-USDT, which users can easily convert its fiat currency into stablecoins again. There is no USD stablecoin traded in Upbit, which is the largest exchange in South Korea at the moment. In most cases, these exchanges transact in either KRW or BTC.

Crypto Exchanges Upbit & Bithumb Under Scrutiny: Raids, Arrests, & Familial Connections

In May, the offices of Upbit and Bithumb were also raided by South Korean authorities as part of an investigation into allegations that the lawmaker was engaged in fraudulent cryptocurrency trading.

For Bithumb, however, matters became further complicated when Kang Jong-hyun, dubbed one of the exchange’s major shareholders and “real owner” of the business, was arraigned before court in February over embezzlement charges.

Moreover, Jong-hyun is 41 years old and the eldest brother of Kang Ji-yeon, who heads the Bithumb affiliate Inbiogen. It is worth noting that Inbiogen owns a significant 34.2% share in Vidente, which is the major shareholder of Bithumb.

According to CoinGecko, the daily trade volume of Bithumb is currently about $580 million, and it was founded in 2014.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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