USDT supply on the Tron blockchain outpaced Ether reserve by over 20%.
As of May 31st, Tether (USDT) stablecoins on the Tron blockchain set a new record, reaching $46 billion in supply. It is worth noting that this number represents over 60% of the total USDT circulation.
The significant milestone arrived as the Tron mainnet celebrated its fifth anniversary.
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Since its inception in 2018, the Tron blockchain reportedly executed 5.6 billion transactions and currently possesses a total value locked (TVL) of $5.7 billion.
Justin Sun, the founder of Tron, outlined his 2023 goals, stating, "a more affordable and user-friendly version of Ethereum."
His vision includes boosting the on-chain stablecoin market cap to $100 billion, thereby establishing Tron as the top pick for stablecoin users. Moreover, Tron developers have declared their full commitment to supporting Web3 development in Hong Kong.
Hong Kong's Securities and Futures Commission (SFC) has approved the issuance of crypto exchange licenses for retail trading starting from June 1st.
Huobi, a cryptocurrency exchange under Sun's effective ownership, declared the commencement of crypto services to Hong Kong's retail clients after applying simultaneously.
However, not all news related to Sun and Tron has been positive. In March 2023, the US Securities and Exchange Commission (SEC) lodged a civil lawsuit against Sun for alleged "manipulative trading, and unlawful touting of crypto asset securities" connected to Tron (TRX) and BitTorrent (BTT) tokens, labeling it as an "unregistered offer and sale."
The record-high USDT supply on the Tron blockchain represents a significant milestone in Tron's five-year journey. Amid both achievements and ongoing legal issues, Tron continues its endeavor to solidify its position as a prominent player in the cryptocurrency landscape.
