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Tether USDT Sees Rapid Growth of $580 Million on Telegram-Linked TON Blockchain
Tether’s USDT supply is growing at the fastest pace on The Open Network connected to Telegram (TONNE) blockchain.
According to Tether Transparency pagethe stablecoin issuer has issued $580 million worth of USDT tokens on the blockchain, and its net circulation stands at $519 million at the time of writing. This milestone comes less than two months after Tether issued its USDT stablecoin on the network.
Why Tether USDT is rising on TON
TON said the growth is due to the ease of conducting transactions on its network. It said:
“Sending digital dollars to anyone, anywhere, as easily as sending a text message is a reality for people all over the world. What could be more real?”
Market analysts also pointed out that the increase in USDT supply to TON could be linked to the demands of major investors. interest in the blockchain ecosystemOver the last month, TON has been experimenting considerable growthwith the network inverting the number of daily active addresses on the most popular Ethereum blockchain.
Additionally, Binance, the largest cryptocurrency exchange by trading volume, recently qualified support for TON’s USDT on its platform. This move has dramatically expanded the crypto community’s access to the stablecoin on the blockchain network.
Constraint control
While the growth of USDT coincides with the overall expansion of the TON ecosystem, a consumer research group in the United States is now doing so examining Tether carefully.
On June 25, Fox Business reporter Eleanor Terret reported that Consumers Research, a US-based consumer advocacy group, recently stepped up its efforts against the stablecoin’s issuer by distributing leaflets about it to several legislative offices in Washington, DC.
The leaflets accuse Tether of being involved in fraud investigations, terrorist financing, and having close ties to China. Part of the leaflet reads:
“Tether’s shady business practices put consumers’ money at risk, while allowing bad actors to fund their illicit activities around the world.”
At the time of writing, Tether has not yet responded to CryptoSlate’s request for comment. However, Tether’s CEO recently said CryptoSlate that the FUD against it is seemingly endless and that he realizes that the company may have been naive in believing that “we could just keep our heads down, work, and if we were proving that we were doing good in the world and that we were useful , all the FUD she would have gone away eventually, right?”