- TRON USDT marked a milestone by $60 billion issuance.
- Tether and Bitfinex face new lawsuit over market manipulation allegations.
In a notable development, Justin Sun, founder of TRON, announced a significant milestone as TRON’s issuance of USDT surpassed $60 billion, marking a milestone in the blockchain’s history. Sun highlighted TRON as the first blockchain to host a single stablecoin exceeding this threshold, underscoring its growing influence.
The issuance of TRON USDT has exceeded $60 billion, which is a significant milestone. We have also become the first blockchain with a single stablecoin surpassing $60 billion! #TRX #TRON https://t.co/AM8cK08npP pic.twitter.com/VsFVNGlo2g
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 16, 2024
Currently, the volume of all stablecoins is now $84.61B, which is 92.05% of the total crypto market 24-hour volume, according to CoinMarketCap. Meanwhile, Tether Treasury minted 1 billion USDT 14 hours ago.
Legal Troubles
However, these celebrations are juxtaposed with recent legal troubles for Tether and Bitfinex. In a class-action lawsuit filed in the Southern District of New York, plaintiffs accused the companies of orchestrating a sophisticated scheme. Allegations include the issuance of billions of unbacked USDT to artificially inflate market demand, particularly in Bitcoin trading.
Moreover, the lawsuit asserts that Tether and Bitfinex violated federal laws, including the Commodities Exchange Act and the Sherman Antitrust Act. It is by misleading investors about the true backing of USDT. This latest legal challenge follows years of litigation and claims substantial financial damages caused by alleged market manipulation.
As the case unfolds, the community raises critical questions about regulatory oversight and the integrity of stablecoin operations.
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