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    Rajesh AK in Tether

    22 Feb 07:04 AM


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    Tether won’t confirm or deny if it’s dropping USDT on Tron

    Tether did not make a specific comment on whether it plans to drop support for Tron after rival Circle dumped the network over safety concerns.

    Stablecoin issuer Tether didn’t provide a definitive answer on whether or not it would cease support for the Tron network after its rival Circle ceased minting its stablecoin on the blockchain on Tuesday.

    “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens,” Tether said in a statement to Cointelegraph when asked for comment about Circle and whether Tether was considering a similar move.

    “Tether retains the ability to freeze transactions on each directly supported transport layer to accomplish its compliance duties. Nevertheless Tether actively monitors the safety of each one of the supported transport layers to ensure the highest standards to our community,” the firm said.

    Tether is the largest stablecoin with a market capitalization of $97.7 billion, and Circle’s USD Coin trails at $28 billion, according to CoinGecko data.

    The Tron network is home to over 51.8 billion USDT — over half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated Feb. 21.

    An additional nearly $76.2 million is set aside to provide near-term liquidity for the token on the Tron network.
    Ethics watchdog group Campaign for Accountability wrote to the United States Congress in November alleging Tron “has been named in multiple international law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities.”

    The U.S. Securities and Exchange Commission sued the Tron Foundation and founder Justin Sun in March 2023, alleging they offered unregistered securities and conducted manipulative trading, which Sun denies.

    #Blockchain
    #Business
    #Tether
    #Tron
    #Stablecoin

    Source - Coin Telegraph