Tron CEO Justin Sun loses key position while TUSD circulation rises by nearly $20 billion in two weeks
|- Tron founder, Justin Sun, was removed as the Ambassador of Grenada to the World Trade Organization.
- TrueUSD (TUSD) has been raging in the crypto market following Binance's increased allocation to TUSD usage over USDT (Tether).
- TUSD circulation has increased to $60 billion in the span of two weeks, with Sun now aiming at $100 billion by the end of 2023.
For the second week this month, Tron foundation's founder, Justin Sun, is facing the heat of the crypto space. The Grenada Broadcasting Network announced the end of Sun’s term as ambassador to the World Trade Organization (WTO), all while achieving more than he aimed at in the last couple of days.
Justin Sun is out!
The Grenada Broadcasting Network reported on March 31 that Justin Sun is no longer a diplomat for the Caribbean nation of Grenada. This comes after Sun and his companies were charged by the Securities and Exchange Commission (SEC) for fraud and other securities law violations on March 22.
Justin Sun himself confirmed the same following these reports as he stated,
"As my term as the Ambassador of Grenada to the World Trade Organization (@wto) comes to a close, effective March 31 2023, I want to express my gratitude for the wonderful experiences and the amazing support that I have received during my time here."
He also highlighted a major event during his time as Grenada's delegation, where Sun addressed the conference at the 12th Ministerial Conference. Here the TRON founder discussed trade issues with representatives from other parts of the world.
Justin Sun further appreciated Grenada despite being stripped of his status as ambassador. Sun noted,
"I want to reiterate Grenada's commitment to the multilateral trading system and our desire to see a WTO that is modern, transparent, and inclusive of the developmental interests of all members, particularly developing and least developed countries."
But while Sun lost out on the diplomatic front, he won the right to be boastful as the Tron Foundation's stablecoin TrueUSD (TUSD) accomplished beyond the founder's expectations. While Justin Sun aimed at growing the market cap of the stablecoin to $60 billion this year, he ended up accomplishing the same in just two weeks.
This motivated Sun to further increase the end goal for the stablecoin for this year to $100 billion, as he called $60 billion "too modest". TUSD has been noting a lot of interest at the hands of investors and other exchanges.
The liquidity growing at this pace put the stablecoin on the map for crypto exchanges such as Binance, ByBit and others. Binance's issues with Tether (USDT) intensifying also contributed to the sudden rise in interest in TUSD.
How well the growth of TUSD plays into the stablecoin market would be interesting to see as the topmost stablecoins, USDT and USDCoin (USDC), are losing ground rather quickly, with the latter shedding $10 billion from its market capitalization in the span of three weeks.
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