A significant milestone was recently reached as TRC-20 USDT circulation hit a record high of $46 billion, compared to $36.8 billion for Ethereum, accounting for over 60% of USDT’s circulating supply. This achievement comes five years after the launch of the Tron mainnet. Over this period, Tron developers claim that the blockchain has processed 5.6 billion transactions and currently has a total value locked of $5.7 billion.
Tron’s creator, Justin Sun, has ambitious goals for his network by 2023. He aims to elevate the network’s on-chain stablecoin market cap to $100 billion and establish Tron as a preferred choice for stablecoin users, positioning itself as “a more affordable and user-friendly version of Ethereum.” The developers also pledged full support for Web3 development in Hong Kong, a crucial move for the growing crypto market.
However, not everything is smooth sailing for Tron and its creator. 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” relating to Tron and BitTorrent tokens.
On the flip side, recent news reported that Hong Kong’s Securities and Futures Commission would begin issuing crypto exchange licensing applications for retail trading on June 1. While this move demonstrates a supportive stance towards the expansion of crypto markets, it also exposes the market to potential regulatory challenges, which could slow down the growth of an otherwise thriving industry.
There is no doubt that the growth of stablecoins and blockchain technology will continue to impact global markets. Increased circulation of TRC-20 USDT and the ambitious goals set by Tron’s creator highlight the optimistic outlook for the future of blockchain technology. Nevertheless, as the market continues to evolve and mature, regulatory challenges and possible legal risks must be considered when examining the potential success of projects like Tron.
The rapidly expanding crypto market and the record-high circulation of TRC-20 USDT indicate a bright future for blockchain technology and its potential applications. However, market participants should remain aware of the potential challenges and risks posed by increasing regulatory scrutiny and legal disputes, which could impact the growth of the industry overall.
Source: Cointelegraph
