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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 page, the stablecoin issuer has issued $580 million worth of USDT tokens on the blockchain, and its net circulation stands at $519 million as of this 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 was due to the ease of transacting on its network. He has declared:
“Sending digital dollars to anyone, anywhere, as easily as sending a text message is a reality for people around the world. What’s more real?”
Market analysts also pointed out that the increase in USDT supply on TON could be linked to requests from major investors interest in the blockchain ecosystem. Over the past month, TON has been experimenting considerable growthwith the network reversing the number of daily active addresses on the more legendary Ethereum blockchain.
Also, recently, Binance, the largest cryptocurrency exchange by trading volume qualified support for TON’s USDT on its platform. This move dramatically expanded the crypto community’s access to stablecoins on the blockchain network.
Bond 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.
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 flyers accuse Tether of being involved in investigations into fraud, terrorist financing and having close ties to China. Part of the flyer 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 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 It would go away sooner or later, right?”