The Tron Decentralized Autonomous Organization (DAO) has rejected a United Nations assessment which suggested that bad actors are behind most tether transactions facilitated via its protocol. It also sees its over 50% share of the USDT stablecoins in circulation as a “testament to the superior trust bestowed upon the Tron blockchain by the global community.”
UN Says Bad Actors Targeting TRC-20 USDT
Tron decentralized autonomous organization (DAO) has refuted parts of a United Nations (UN) study which asserts that USDT transactions facilitated via its TRC-20 protocol are mainly performed by bad actors. In a statement, Tron DAO said it actively engages on-chain forensic partners to exchange information regarding transactions on the blockchain. Tron implied that this step helps it block or stop malicious actors from using the protocol.
#Tron wholeheartedly supports the proposal of the United Nations, but we have different views on the professional facts and handling methods of blockchain technology. We welcome you to refer to this report. https://t.co/LF4ovqwKnK
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 19, 2024
As reported by Bitcoin.com News recently, the UN’s study suggested that money launderers and fraudsters in Southeast Asia are increasingly using the stablecoin USDT when making payments or transferring funds. A regional representative of the world body claimed that a lack of relevant regulations could be the reason why tether has become the preferred choice for bad actors.
However, in its statement, Tron said while it agrees with the UN’s position on the use or misuse of stablecoins, it nonetheless disputes the suggestion that bad actors are the sole reason why TRC-20 stablecoins have become more popular.
“TRC-20 is indeed the world’s most popular on-chain settlement protocol by USDT circulation with over 50% of the global market share, followed by Ethereum. This market share is a testament to the superior trust bestowed upon the Tron blockchain by the global community,” Tron DAO said.
Nevertheless, Tron said it cannot comment on behalf of third parties like USDT issuer Tether. Just like Tron, the stablecoin issuer has also issued a statement rejecting some of the UN’s findings. It has similarly touted its working relationship with global law enforcement agencies as proof that it is not enabling bad actors as alleged in the report.
What is your reaction to Tron’s rebuttal of the UN study findings? Let us know what you think in the comments section below.
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