The TRON network has seen a significant surge in the trading volume of its native stablecoin Tether (USDT), surpassing the average daily trading volume of payment giant Visa for the first quarter of 2024. This milestone is particularly noteworthy as Visa is considered one of the world’s largest payment processors, handling billions of transactions globally. The comparison between TRON-based USDT and Visa’s trading volume underscores the growing popularity and utility of cryptocurrencies in the financial landscape.
According to recent statistics shared by Lookonchain, the 24-hour trading volume of USDT on the TRON network has reached an impressive $53 billion. This growth is indicative of the rising demand for stablecoins such as USDT, especially during periods of uncertainty in the crypto market. Additionally, data from TronScan reveals that there are over 45.5 million holders of USDT on the TRON network, with a total transfer count exceeding 1.8 billion transactions. Notably, the top ten holders collectively possess 27.69% of the total USDT supply on the TRON network, holding 16.56 billion USDT.
The transaction volume of USDT on the TRON network has been steadily increasing since the beginning of 2023, with an average of around two million transactions daily. This trend has continued into 2024, with TRON’s weekly USDT volume reaching $110 billion in the first week of April, surpassing transactions on competing blockchain platforms like Ethereum. The growing preference for TRON-based USDT among investors signals a shift towards alternative blockchain networks for digital asset transactions.
In a strategic move to expand its stablecoin offerings, Tether introduced a new synthetic dollar, aUSDT, backed by the digital asset XAUt, which is tied to gold reserves. This development was praised by industry experts, including renowned analyst Willi Woo, who lauded Tether’s innovative approach to diversifying its stablecoin portfolio. With USDT currently generating returns from U.S. Treasury Bills, the introduction of aUSDT backed by gold aims to capitalize on potential gains in the precious metal market.
The increasing transaction volume and adoption of TRON-based USDT highlight the growing prominence of cryptocurrencies in the global financial ecosystem. As blockchain technology continues to disrupt traditional financial systems, innovative initiatives like aUSDT demonstrate the evolving landscape of stablecoin offerings and the potential for digital assets to reshape the future of finance.
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