According to the latest data from Tether, more than 60% of the total supply of USDT (Tether) is currently issued on the Tron blockchain.
On May 31, Tether tokens issued on the Tron blockchain achieved a new record of $46 billion, surpassing Ethereum's $36.8 billion and accounting for more than 60% of USDT's circulating supply. This significant milestone coincided with the fifth anniversary of the launch of the Tron mainnet.
During the previous five-year period, Tron's developers assert that their blockchain has successfully handled 5.6 billion transactions, while also currently boasting a total value locked amounting to $5.7 billion. Justin Sun, the creator of Tron, has outlined his goals for 2023, which include the ambition to raise the on-chain stablecoin market cap to $100 billion and position Tron as the preferred choice for stablecoin users. Sun aims to achieve this by presenting Tron as a more cost-effective and user-friendly alternative to Ethereum. Furthermore, the developers of Tron have expressed their commitment to providing comprehensive support for Web3 development, particularly in Hong Kong.
Hong Kong's Securities and Futures Commission is set to initiate the issuance of cryptocurrency exchange licensing applications for retail trading starting June 1, as reported by Cointelegraph. Prior to this development, Huobi, a cryptocurrency exchange primarily owned by Sun, announced that it had commenced offering crypto services to retail clients in Hong Kong after submitting its application on the same day. In April, Sun attended the annual Web3 Festival held in Hong Kong, effectively putting to rest rumors that he had been arrested upon arrival.
In March 2023, a civil lawsuit was initiated by the United States Securities and Exchange Commission against Sun, accusing him of orchestrating the unregistered offer and sale, engaging in manipulative trading practices, and engaging in unlawful promotion of crypto asset securities specifically related to Tron and BitTorrent (BTT) tokens. The lawsuit is currently in progress and ongoing.
