May 31, Tether tokens (USDT) broadcast on the Tron network reached another all-time high of USD 46,000 million, compared to USD 36,800 million that the Ethereum network has, which represents more than 60% of the circulating supply of USDT. This milestone comes on the fifth anniversary of the Tron mainnet.
In the past five years, Tron’s developers claim the network has processed 5.6 billion transactions and currently has a total value locked in of $5.7 billion. Tron creator Justin Sun said his goals for 2023 include raising the stablecoin’s on-chain market cap to $100 billion and establishing Tron as the preferred choice for stablecoin users by positioning itself as “a more affordable version and easy to use of Ethereum”. The Tron developers also said that they have “pledged full support” for the development of Web3 in Hong Kong.
Cointelegraph reported that The Hong Kong Securities and Futures Commission would begin issuing exchange license applications for retail trading on June 1. A few days earlier, Huobi, a cryptocurrency exchange under de facto ownership by Sun, said it had begun offering cryptocurrency services to Hong Kong retail clients after filing an application the same day. In April, Sun attended the annual Web3 festival in Hong Kong, dispelling the rumors that he had been arrested on arrival.
In March 2023, the United States Securities and Exchange Commission filed a civil lawsuit against Sun for “orchestrating the unregistered offer and sale, manipulative trading and unlawful promotion of crypto asset values” regarding tokens thunder (TRX) and BitTorrent (BTT). The lawsuit is currently in process.
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