Tether on Tron Blockchain Hits Record High

On May 31, Tether tokens issued on the Tron (TRC) blockchain reached a new all-time high of $46 billion, compared to Ethereum’s $36.8 billion, accounting for over 60% of USDT’s circulating supply.

The achievement marks the fifth anniversary of the launch of the Tron mainnet.

Tron developers assert that the blockchain has processed 5.6 billion transactions and has a total locked value of $5.7 billion over the past five years.

Tron’s creator, Justin Sun, has stated that his 2023 goals include increasing the network’s on-chain stablecoin market cap to $100 billion and establishing Tron as a stablecoin user favorite by positioning itself as “a more affordable and user-friendly version of Ethereum.”

Tron developers have also “promised full support” for Web3 development in Hong Kong, according to their statements.

The Securities and Futures Commission of Hong Kong is rumored to begin issuing crypto exchange license applications for retail trading on June 1.

A few days earlier, Huobi, a cryptocurrency exchange under Justin Sun’s de facto control, announced that it had begun offering crypto services to retail Hong Kong clients after applying on the same day.

In April, Justin Sun attended Hong Kong’s annual Web3 Festival, dispelling rumors that he had been arrested.

The U.S. Securities and Exchange Commission filed a civil lawsuit against Sun in March 2023 for “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities” about Tron and BitTorrent (BTT) tokens. Currently, the lawsuit is ongoing.