Holders of USDT on TRON Network Hit New Highs at 11 Million
Newyork-According to the blockchain explorer TRONSCAN, the number of addresses holding USDT on TRON has surpassed 10 million, recording 11 million. Besides, the circulating supply of USDT-TRON has reached 40.7 billion, accounting for over 50% of the total USDT in circulation. Bolstered by a robust user base, the average daily transfer of USDT-TRON stabilizes at around $6 billion.
The number of addresses with USDT-TRON holdings has soared by nearly 8 million after USDT-TRON claimed the crown as the industry’s fastest-growing and most-used stablecoin last April. Drivers behind this achievement are TRON public chain’s affordability, efficiency, and security. USDT-TRON has long been praised for its 1 USDT handling fee, which has made it the go-to option for many users when making transfers and payments on blockchains. Let the number speak for itself: statistics revealed earlier by TRON show that a $20 billion transaction would cost less than $800K only.
USDT-TRON, thanks to the industry-wide influence and credibility of the TRON public chain, plays a critical role in the value circulation of the crypto market. It is tipped to gain wider recognition as Tether verifies that the digital tokens it has issued are fully backed by its reserves.
Serving as the bridge between the blockchain world and the real one, stablecoins have swiftly ascended to the top of the crypto market over the past two years. In terms of ranking by market cap, USDT sits among the top five along with USDC. By growth rate, the circulating supply of major stablecoins in 2021 edged up by 471%, with over 20 new stablecoins launched.
The rising attention paid by official institutions on stablecoins is also noteworthy. This February, the Fed released the latest report on stablecoins, acknowledging the next-generation innovative potential of stablecoins and elaborating on their prospective impact on banking systems and credit intermediaries. In the meantime, more and more countries have begun pondering whether stablecoins should be regulated and, if yes, how to.
In terms of adoption, crypto payment processing company BitPay Inc. earlier pointed out that an increasing number of consumers and enterprises are choosing stablecoins over Bitcoin to make purchases, which has perhaps made stablecoin payment the fastest-growing payment option on the platform. From the outside looking in, more and more enterprises are starting to use stablecoins in cross-border payment.
The most representative case arose during the Russia-Ukraine crisis, where TRON-based USDT joined BTC and ETH to be the first cryptos publicly accepted by the Ukrainian government for donations. Soon after, TRON founder Justin Sun expressed support for the move. In other words, Bitcoin’s dominance in crypto payment is now under siege by stablecoins, with TRON-USDT being the lead.
Among all players, USDT not only witnessed and bolstered DeFi’s growth to be the most influential and pervasive blockchain use case since the “DeFi summer” in the latter half last year but went a step further to accelerate the advent of crypto payment. Its version on TRON, endorsed and issued by Justin Sun three years ago, has grown into a heavyweight boasting over tens of millions of users and over 4 million circulating supply thanks to advantages such as transparency, security, minimal transfer fees, and instant delivery, and will play a crucial part in attracting greater traffic for TRON’s DeFi and the broader crypto market.
TRON, as one of the world’s most established public chains, has reinforced its investment and strength in DeFi while advancing at blitz speed in stablecoins.
According to the latest stats on Defi Llama, the TRON public chain now ranks 7th worldwide in terms of TVL. Sector-wise, TRON has created a full-fledged DeFi ecosystem incorporating stablecoins, lending, DEX, oracle, liquidity mining, governance mining, and cross-chain assets, and is set to keep up its momentum in the year ahead, as its SUN and JST-powered DeFi ecosystem matures with time.
In this sense, TRON, boasting the industry-leading USDT and a massive 83 million+ user base, has already gained the upper hand. As the effect of its integration, innovative moves, and cross-chain connectivity gradually comes into play, TRON DeFi’s advancement in the DeFi sector will be a given point.
Published Sat, 26 Mar 2022 20:20:15 -0500