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CDS Crypto News Tether remains non-committal, neither confirming nor refuting the possibility of discontinuing USDT on the Tron blockchain

Crypto News

Tether remains non-committal, neither confirming nor refuting the possibility of discontinuing USDT on the Tron blockchain

Tether did not provide a clear indication of its intentions regarding support for Tron, following its competitor Circle's decision to discontinue operations on the network due to safety apprehensions.

sevval22/02/20241 Mins read382

Crypto News– Stablecoin issuer Tether refrained from offering a definitive response regarding whether it would terminate support for the Tron network, following the footsteps of its competitor Circle, which ceased minting its stablecoin on the blockchain on Tuesday, Feb. 20.

Tether remains non-committal, neither confirming nor refuting the possibility of discontinuing USDT on the Tron blockchain

In a statement provided to Cointelegraph upon inquiry about Circle and potential actions by Tether, the company stated, “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens.” The firm added, “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.”

Tether, with a market capitalization of $97.7 billion, holds the position as the largest stablecoin, while Circle’s USD Coin trails behind at $28 billion, as per data from CoinGecko.

The Tron network hosts over 51.8 billion USDT, representing over half of the nearly 101 billion USDT tokens issued across various blockchains, according to Tether’s transparency report as of Feb. 21. Additionally, $76.2 million is allocated to provide near-term liquidity for the token on the Tron network.

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Sources:cointelegraph

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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