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Who is providing banking services to emerging countries? Not Bitcoin, Ethereum, but Tron?

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Who is providing banking services to emerging countries? Not Bitcoin, Ethereum, but Tron?

AllianceDAO founder Qiao Wang believes that the true provider of banking services for the financially excluded masses is not Bitcoin, Ethereum, or Solana, but Tron. His views sparked discussions on Twitter.

Qiao Wang: It's TRON that Provides Banking Services

Qiao Wang tweeted that in 2023, he came to understand some things that he found hard to accept.

He pointed out that Ethereum has never truly provided banking services to the unbanked, nor have Bitcoin or Solana, as these public chains are either too unstable, too expensive, or too new.

It's TRON that provides banking services to people around the world who do not have bank accounts.

He mentioned that the majority of stablecoin activities in emerging economies are conducted through TRON's USDT, which is backed by data on-chain and conversations with people in these countries.

TRON has benefited from a significant first-mover advantage, being one of the earliest public chains to adopt low fees and support USDT. When it was listed on exchanges, it also benefited from Binance creating a huge sales channel for it.

Qiao Wang concluded:

In hindsight, TRON's success in these countries was not a coincidence. You may find it shocking, absurd, or disgusting, but I will use this example to constantly remind myself to maintain objective thinking and be flexible.

Justin Sun: Aiming to Serve the Global Population of 8 Billion

Justin Sun replied below Qiao Wang's tweet:

For TRON, everything is still in the early stages, and our vision is to serve the global population of 8 billion. We are not doing enough yet, and I always hope that more people will assist us in achieving our vision. For this, we are willing to do anything.

TRON and USDT: Products of Exchange Competition?

dForce founder Yang Mindao also retweeted Qiao Wang's tweet, stating that the adoption of TRON and USDT stemmed from early competition among Binance, Huobi, and OKEx.

At that time, each of them issued USD stablecoins like BUSD, HUSD, USDK, but none were willing to support each other's public chains and stablecoins. TRON and USDT's relatively neutral nature, coupled with the push from major exchanges to list and support TRC network, led to widespread adoption.

However, some in the community pointed out that USDT is essentially a product owned by the exchange Bitfinex, but it gained adoption in most non-Western markets without getting too close to the United States.