Tether has not yet confirmed whether he will leave the Tron network

The issuer of the stablecoin Tether has not provided a definitive answer on whether or not it will cease support for the Tron network, after rival Circle stopped minting its stablecoin on the blockchain on Tuesday.

In a statement, Tether stated: “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens.” In addition, the company stated that it retains the ability to freeze transactions on each directly admitted transport layer in order to fulfil its compliance obligations.

However, Tether also actively monitors the security of each of the supported transport layers to ensure the highest standards for our community.

Tether is the largest stablecoin, with a market capitalization of USD 97.7 billion, while Circle’s USD Coin (USDC) remains at USD 28 billion, according to data from CoinGecko.

The Tron network hosts more than 51.8 billion USDT, which represents more than half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated February 21.

These comments from Tether came in response to an announcement from Circle on February 20, when the company revealed that it was immediately finalizing the minting of USDC on Tron and would phase out support for the network. Circle justified this decision by aligning it with “efforts to ensure that USDC remains reliable, transparent and secure.

K. Tovar

Source: Cointelegraph

(Reference image source: @PelehSergii, X)

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