The trading volume of Tether (USDT) on the TRON network has reached an incredible $53 billion, outpacing Visa’s average daily trading volume for Q1, 2024. This milestone is significant considering Visa’s status as a global payment processing giant with operations spanning across more than 200 countries and regions. The surge in value and utilization of TRON-based USDT is evident from the latest data shared by Lookonchain, indicating a staggering increase in trading activity on the platform.
According to data from TronScan, USDT on the TRON network has garnered over 45.5 million holders, with a total transfer count exceeding 1.8 billion during a specific period. The distribution of USDT holders on TRON is also noteworthy, with the top ten holders collectively owning 27.69% of the total supply, amounting to 16.56 billion USDT. This concentration highlights the prevalence of large investors in the TRON ecosystem, contributing to the overall market dynamics.
The transaction volume of USDT on the TRON network has been steadily increasing since January 2023, with an average of around two million transactions daily since February. This uptrend has persisted into 2024, with TRIN reporting a weekly volume of $110 billion in the first week of April, surpassing competitor Ethereum’s settlement volume. The consistent growth in transaction activity signifies growing interest and confidence in TRON’s capabilities as a blockchain platform.
In a strategic move, Tether CEO Paolo Ardoino introduced aUSDT, a novel synthetic dollar backed by Tether’s gold-backed digital asset XAUt on June 17. This innovative offering received praise from industry analyst Willi Woo, who commended it as a “genius business idea” by the stablecoin issuer. Ardoino explained that while USDT currently generates returns from U.S. Treasury Bills, the new stablecoin is poised to capitalize on potential gold price gains, expanding the range of investment opportunities for users.
Overall, the exponential growth of TRON-based USDT and its dominance in trading volume compared to industry giants like Visa underscore the increasing demand for stablecoins in the volatile cryptocurrency market. The expansion of USDT offerings and the positive reception from experts signal a bright future for TRON as a leading blockchain platform for digital asset transactions.
Leave a Reply