TRC-20 USDT circulation reaches record high 5 years after Tron mainnet launch

On May 31st, Tether (USDT) tokens issued on the Tron blockchain reached a new high of $46 billion, surpassing Ethereum’s $36.8 billion and accounting for over 60% of USDT’s circulating supply. This achievement coincides with the fifth anniversary of the launch of the Tron mainnet.

Tron developers claim that over the past five years, the blockchain has processed 5.6 billion transactions and currently has a total value locked of $5.7 billion. Tron’s creator, Justin Sun, stated that his 2023 goals include increasing the network’s on-chain stablecoin market cap to $100 billion and positioning Tron as a more affordable and user-friendly alternative to Ethereum for stablecoin users. Tron developers have also stated that they plan to provide full support for Web3 development in Hong Kong.

Cointelegraph reported that Hong Kong’s Securities and Futures Commission would begin accepting crypto exchange licensing applications for retail trading on June 1st. A few days earlier, Huobi, a cryptocurrency exchange owned by Sun, had announced that it was providing crypto services to retail clients in Hong Kong after submitting an application on the same day. In April, Sun attended the annual Web3 Festival in Hong Kong, dispelling rumors that he had been arrested upon arrival.

In March 2023, the United States Securities and Exchange Commission filed a civil lawsuit against Sun for the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities” related to Tron (TRX) and BitTorrent (BTT) tokens. The lawsuit is still ongoing.

Magazine: Bitcoin glory on Chinese TikTok, 30M mainland users, Justin Sun saga: Asia Express