On May 31, Tether (USDT) issued on the Tron blockchain hit a new all-time high of $46 billion, compared to $36.8 billion on Ethereum, representing more than 60% of the circulating supply of USDT. The milestone comes on the occasion of the 5th anniversary of the Tron mainnet launch.
Over the past 5 years, the Tron developers claim that the blockchain has processed 5.6 billion transactions and now has a total locked value of $5.7 billion. Tron creator Justin Sun said his 2023 goals include raising the stablecoin market cap on the blockchain to $100 billion and establishing Tron as a preferred choice for stablecoin users by positioning itself “a more affordable and user-friendly version of Ethereum”. The Tron developers also said they have “promised to fully support” Web3 development in Hong Kong.
Hong Kong’s Securities and Futures Commission will begin licensing crypto exchanges for retail trading on June 1. A few days ago, Huobi, a wholly owned cryptocurrency exchange reality, said it had begun offering crypto services to Hong Kong retail customers after filing the same day. In April, Sun attended the annual Web3 Festival in Hong Kong, dispelling rumors that he had been arrested.
In March 2023, the U.S. Securities and Exchange Commission filed a civil lawsuit against Sun for “an unregistered offering and offering arrangement, manipulative trading, and illegal solicitation of securities.” crypto-assets” related to Tron (TRX) and BitTorrent tokens (BTT). The case is currently ongoing.