USDT and USDC Establish Their Own Networks

[Abiky]

Not only TRON to be affected by it, all other chains that had been needing USDT for their transactions and I'm just hoping USDT will not disintegrate off those chain entirely but maintain the relationship then add the new chain. Moreover, if they really want a massive usage, then they going to make sure the withdrawal fee would be far more lower than usdttrc20, usdterc20 and even on TON and Solana.

Or better yet, make USDT transfers free. At least, within Tether's own centralized blockchain network. That would make it "competitive" against the rest of the pack. If Tether and Circle decide to remove their stablecoin offerings from other chains, you can bet top-ranked blockchain platforms such as Ethereum and Solana will lose a large portion of TVL on "De-Fi" smart contracts. And TRON would lose big time, since stablecoins are the only reason it's alive. If they're gone, TRX will turn into a "worthless" "meme" coin. Just like Dogecoin.

I hope Tether and Circle rethink their strategy before they decide to make a chain of their own. I understand they want power/control over everything, but I think they'll "win" more by remaining "blockchain-agnostic". We'll see what happens in the long run.

[gunhell16]

I don't really understand why they would do such a thing, unless there are regulators behind all this choice for these stablecoins.

It could be a plan to force people who desire to continue to use their stablecoins to move to more centralized protocols, for the sake of keeping control over users and exchanges.
Anyways, as it stands, one can only hope most of users won't fall for this and stay with stablecoins being offered in Ethereum and Tron.

In the end, the direction of Blockchain as a liberating technology depends almost exclusively on all of us...
This is very bad news... Everyone using those two stablecoins should know about this.

I really hope they don't go through with creating their own blockchain network, assuming that's really what they're planning. The truth is, we're already used to using stablecoins
on all sorts of on-chain networks, and that's the beauty of stablecoins.

Especially if there are problems with one stablecoin network, we have many other network choices to complete our transactions,
so the same thing will likely happen if they push through with it.

[danherbias07]

It feels like this is a double-edged sword project for them.

If it doesn't work out, they will be left alone with their own network. Cryptocurrency users could still find a new stablecoin to support that uses different networks. I think that's the strength of USDT and USDC, the flexibility of usage in different networks.
If they will continue this, I am not so sure where it will go. So, they are risking a lot here and I do wish they went through deep analysis before they make a big decision.

[Hispo]

It feels like this is a double-edged sword project for them.

If it doesn't work out, they will be left alone with their own network. Cryptocurrency users could still find a new stablecoin to support that uses different networks. I think that's the strength of USDT and USDC, the flexibility of usage in different networks.
If they will continue this, I am not so sure where it will go. So, they are risking a lot here and I do wish they went through deep analysis before they make a big decision.

Those behind USDC and USDT do not make much of a choice, actually, those pushing this forwardsnare regulators. Probably they are being told this is a step they need to do in order to continue to operate with their coins in the European Union and the United States. Remember, the USA and the establishment of that country still want their own CBDC, and they seem willing to take advantage of the popularity of these stablecoins to establish their centralized network, without alerting most of the public.

[Josefjix]

A major development. It seems that governments want to control all transactions rather than freeze certain addresses.
TRON will be severely affected by these changes, and It's good WE have DAI.

Not only TRON to be affected by it, all other chains that had been needing USDT for their transactions and I'm just hoping USDT will not disintegrate off those chain entirely but maintain the relationship then add the new chain. Moreover, if they really want a massive usage, then they going to make sure the withdrawal fee would be far more lower than usdttrc20, usdterc20 and even on TON and Solana.

Although I agree, TRON will have it really bad. There's not much defi in there that could motivate people to use the chain. USDT transactions dominate the chain and stablecoin issuers creating their own network will means a huge chunk of market share for stablecoin transaction will be offloaded to there knowing that tron has been quite expensive in fee as well.
Every exchange charges 1 USDT for withdrawal in tron nowadays except maybe few.

At least other chain got big defi with billions locked up. Tron have none of that.

Oh yes, TRON ecosystem had long gone sometimes ago, it's been long I saw a project building on TRON blockchain, it's really long, I can't find such or come across a token to be on TRON.

Justin Sun could've developed more on this, why the sluggish movement on the chain, in the industry competition is the major key for a successful chain, building more, following up the trend, integrate more and more.

TRON got nothing anymore, that's bad to hear.

[luckyspirit]

It feels like this is a double-edged sword project for them.

If it doesn't work out, they will be left alone with their own network. Cryptocurrency users could still find a new stablecoin to support that uses different networks. I think that's the strength of USDT and USDC, the flexibility of usage in different networks.

I'm tired of all the wallets and all the chains already. We have way too many. I don't want more layer 1s, more wallets, more bookmarks. It complicates the whole space. What USDT has going for it is its history and reputation, it is widely available on many chains. However, this can change with the emergence of new stablecoins under recent regulations especially if they make this move.

If they will continue this, I am not so sure where it will go. So, they are risking a lot here and I do wish they went through deep analysis before they make a big decision.

Forget about analysis. Most are just thinking through greed.

[Wakate]

It feels like this is a double-edged sword project for them.

If it doesn't work out, they will be left alone with their own network. Cryptocurrency users could still find a new stablecoin to support that uses different networks. I think that's the strength of USDT and USDC, the flexibility of usage in different networks.
If they will continue this, I am not so sure where it will go. So, they are risking a lot here and I do wish they went through deep analysis before they make a big decision.

I can't even imagine USDT and USDC having their own blockchain while obstructing other blockchains from carrying out transactions. This would be the biggest nightmares for these two stablecoins projects that have gotten the heart of so many investors and traders.
This would not last and they could lost investors to other stablecoins that are struggling in the market if the both team choose not to allow other blockchains like BSC, SOL, TON, Eth to stop processing transactions for traders and investors.  Let's watch how this would play out when they are done.