Who is Providing Banking Services for Emerging Countries? Not Bitcoin or Ethereum, but Tron?
AllianceDAO founder Qiao Wang believes that the true provider of banking services for the financially isolated public is not Bitcoin, Ethereum, or Solana, but Tron. His views have sparked discussions on Twitter.
Qiao Wang stated in a tweet that he came to understand some things in 2023 that he found difficult to accept. He pointed out that Ethereum has never truly provided banking services to the unbanked public, and the same goes for Bitcoin and Solana. These public chains are either too unstable, too expensive, or too new.
It is Tron that provides banking services for people around the world who do not have bank accounts. Qiao Wang stated that most stablecoin activities in emerging economies are conducted through Tron’s USDT, which can be verified with on-chain data and confirmed through conversations with the people of these countries.
Tron has benefited from its significant first-mover advantage as one of the earliest public chains to adopt low transaction fees and support USDT. When it was listed on exchanges, it also benefited from Binance creating a huge sales channel for it.
Qiao Wang summarized that in retrospect, Tron’s success in these countries was not a coincidence. You may be shocked, absurd, or disgusted, but I will use this example to constantly remind myself to maintain objective thinking and be flexible.
Underneath Qiao Wang’s tweet, Tron founder Justin Sun replied that for TRON, everything is still in the early stages, and their vision is to serve the global population of 8 billion people. He acknowledged that they haven’t done enough and expressed a desire for more people to assist them in achieving their vision, stating that they are willing to do anything for it.
dForce founder Mindao Yang also retweeted Qiao Wang’s tweet, believing that Tron and USDT’s adoption originated from the early competition among Binance, Huobi, and OKEx. At that time, each of them issued USD stablecoins such as BUSD, HUSD, and USDK, but they were not willing to support each other’s public chains and stablecoins. Tron and USDT’s relative neutrality, combined with the promotion by major exchanges (listing, support for TRC network, etc.), led to their large-scale adoption.
However, some community members pointed out that USDT is also a product owned by the exchange Bitfinex but has gained the majority of non-Western market adoption without getting too close to the United States.
Solana, USDT, Ethereum, Bitcoin, Tron, and other related cryptocurrencies.
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