The recent surge in the trading volume of Tether (USDT) on the TRON network has taken the crypto market by storm. With a 24-hour trading volume of $53 billion, USDT has outstripped payment giant Visa’s average daily trading volume for Q1, 2024. This milestone is significant considering Visa’s status as one of the world’s leading payment processors, handling billions of transactions worldwide.
The exponential growth of TRON-based USDT is evident from the latest statistics shared by Lookonchain on Twitter. The data reveals that USDT on the TRON network boasts over 45.5 million holders and a total transfer count exceeding 1.8 billion. What’s more intriguing is that the top ten holders of USDT on TRON control 27.69% of the total supply, holding a staggering 16.56 billion USDT. This concentration of holdings reflects a growing demand for stablecoins like USDT amid market uncertainties.
Since January 2023, the USDT transaction volume on the TRON network has been steadily increasing. The network has been averaging around two million transactions daily since February, showcasing a consistent uptrend. In the first week of April 2024, TRON’s weekly USDT volume hit $110 billion, doubling the volume settled on Ethereum during the same period. This trend signifies investors’ growing preference for TRON as a blockchain platform.
On June 17, Tether CEO Paolo Ardoino unveiled aUSD, a new synthetic dollar pegged to Tether’s gold-backed digital asset XAUt. This innovative move was applauded by industry experts, including renowned analyst Willi Woo, who hailed it as a “genius business idea.” Ardoino explained that while USDT currently earns returns on U.S. Treasury Bills, aUSD stands to benefit from gold price fluctuations, providing investors with an alternative stablecoin option.
The rise of USDT on the TRON network signals a paradigm shift in the crypto market. With record-breaking trading volumes, a large user base, and innovative product offerings, TRON is poised to become a dominant force in the blockchain industry. As stablecoins continue to gain traction among investors, TRON’s strategic positioning and technological advancements make it a frontrunner in reshaping the future of digital finance.
