Tether USDT Is Growing on the TON Blockchain, But Scrutiny From a US Consumer Group Looms

Tether's USDT supply is growing at its fastest rate on the Telegram-linked The Open Network (TON) blockchain.

Stablecoin issuer Tether has now crossed the half-billion mark in USDT stablecoin supply on the Telegram-linked The Open Network (TON) blockchain.

According to data from Tether’s transparency page, the stablecoin issuer has now minted over $580 million in USDT on the TON blockchain with a net circulation of about $519 million at press time. This milestone comes less than two months after Tether officially launched its USDT stablecoin on the TON network.

Why Tether USDT is growing on TON

In a statement to CryptoSlate, TON highlighted the ease of performing transactions on its network as a key factor in this growth. It stated:

“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?”

However, market analysts also pointed out that USDT's supply increase on TON could be linked to the significant investors’ interest in the blockchain ecosystem. Over the past month, TON has experienced considerable growth, with the network flipping the number of daily active addresses on the more storied Ethereum blockchain.

Furthermore, Binance, the largest crypto exchange by trading volume, recently enabled support for TON’s USDT on its platform. This move has drastically expanded the crypto community’s access to the stablecoin on the blockchain network.

Tether scrutinyWhile USDT's growth coincides with the overall expansion of the TON ecosystem, a Consumer Research group in the U.S. is now scrutinizing Tether.

On June 25, Fox Business journalist Eleanor Terret reported that Consumers Research, a U.S. consumer advocacy group, recently intensified its efforts against the stablecoin issuer by distributing flyers about it to several lawmakers’ offices in Washington, D.C.

The flyers, which aim to influence lawmakers against Tether, accuse the stablecoin issuer of being involved in fraud investigations, terrorist financing, and having close ties with 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 across the globe.”

As of press time, Tether has yet to respond to CryptoSlate's request for comment on this development. However, Tether CEO recently told CryptoSlate that the FUD against it is seemingly neverending and that he realizes the company may have been naive in believing it “could just keep our head down, work, and if we were proving that we were doing good to the world and that we were useful, all the FUD would go away eventually, right?”

Mentioned in this articleOluwapelumi AdejumoOluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Liam 'Akiba' WrightAlso known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.