Why Tether USDT is Growing on TON
Tether’s USDT stablecoin supply is expanding at an unprecedented pace on the Telegram-linked The Open Network (TON) blockchain. According to Tether’s transparency page, the company has issued $580 million worth of USDT tokens on TON, with a net circulation of $519 million as of the latest update. This rapid growth occurred within two months of Tether launching USDT on the network.
Ease of Transactions
TON attributes this surge to the simplicity of conducting transactions on its network. The platform states, “Sending digital dollars to anyone, anywhere, as easily as sending a text message is a reality for people all over the world. What’s more real than that?” Market analysts suggest that the increased USDT supply on TON is driven by strong investor interest in the blockchain ecosystem. Over the last month, TON has seen significant growth, surpassing the number of daily active addresses on Ethereum.
Binance Support
Further fueling this growth, Binance, the largest crypto exchange by trading volume, recently enabled support for TON’s USDT on its platform. This integration has significantly broadened the crypto community’s access to USDT on TON.
Tether Scrutiny
While USDT’s growth mirrors the overall expansion of the TON ecosystem, Tether is under scrutiny from a Consumer Research group in the US. On June 25, Fox Business journalist Eleanor Terret reported that Consumers Research, a US consumer advocacy group, has ramped up its campaign against Tether by distributing flyers to lawmakers’ offices in Washington, DC. The flyers accuse Tether of involvement in fraud investigations, terrorist financing, and having close ties with China.
The flyer states, “Tether’s shady business practices put consumers’ money at risk, while allowing bad actors to fund their illicit activities across the globe.” As of now, Tether has not responded to CryptoSlate’s request for comment. However, Tether’s CEO recently mentioned that the FUD (fear, uncertainty, and doubt) against the company seems endless and that they may have been naive to think that by doing good work, the negative attention would eventually dissipate.
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