The 24-hour trading volume of Tether (USDT) on the TRON network has reached an impressive $53 billion, surpassing the average daily trading volume of payment giant Visa for Q1 of 2024, which stood at $42 billion. This comparison is crucial as Visa is known for being one of the largest payment processors globally, handling billions of transactions across more than 200 countries and regions. The rapid growth in the value and usage of TRON-based USDT is evident in the latest statistics shared by Lookonchain, pointing towards a significant shift in the cryptocurrency market.
Increasing Adoption and Usage
USDT on the TRON network boasts over 45.5 million holders, as reported by data from TronScan. Additionally, the total transfer count has exceeded 1.8 billion during the same period, showing a substantial increase in adoption. Interestingly, the top ten holders of USDT on TRON hold a significant portion of the total supply on the network, with 27.69% of the coins being in their possession, totaling 16.56 billion USDT. This distribution reflects a growing interest in stablecoins like USDT amidst a turbulent crypto market environment.
The transaction volume of USDT on the TRON network has been steadily increasing since January 2023, with an average of around two million transactions occurring daily since February. This upward trend has continued into 2024, with TRON’s weekly volume for USDT reaching a remarkable $110 billion in the first week of April. This amount was double the volume settled on the rival Ethereum blockchain, underscoring investors’ preference for TRON in the current market landscape.
In a notable move on June 17, Tether CEO Paolo Ardoino introduced a new synthetic dollar, aUSDT, backed by Tether’s gold-backed digital asset XAUt. This innovative offering was praised by industry analysts and stock-to-flow model creator Willi Woo, who hailed it as a “genius business idea” by the stablecoin issuer. Ardoino explained that while USDT currently earns returns on U.S. Treasury Bills, the new stablecoin will leverage gains from gold, opening up new possibilities for investors and traders in the crypto space.
The rise of TRON-based USDT marks a significant development in the cryptocurrency market, with its increasing trading volume, adoption, and innovative offerings propelling it to the forefront of the industry. As more investors turn to stablecoins for security and stability in volatile market conditions, TRON’s USDT stands out as a game-changer, reshaping the way digital assets are perceived and utilized in the ever-evolving landscape of cryptocurrency.
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