- Tron as a Blockchain network is growing, dominating the USDT issuance scene among its peers.
- The ease of use, focus on retail trades, and low cost make it a top choice for stablecoin transactions.
Justin Sun’s Tron Network is currently leading other blockchains in Tether (USDT) transactions ranging from $1 to $10,000. This notable performance demonstrates Tron blockchain’s increasing use for business payments.
TRON Outperforms Top Blockchains in USDT Transactions
As shown in a chart from the on-chain data platform, Dune Analytics, Tron has outpaced top blockchains like Solana (SOL), Binance Coin (BNB), Polygon (MATIC), and Ethereum (ETH) in USDT transactions.
#TRON leads blockchains in USDT transactions ranging from $1 – $10k!
@spencernoon the founder of @ournetwork__ showed our commitment to worldwide users and businesses entering the crypto space!
Data from @DuneAnalytics:
https://t.co/nqLAilu25f
— TRON DAO (@trondao) July 25, 2024
The chart, specifically, focuses on $1 to $10,000 transactions between January 2021 and July 2024. From the data provided, it can be observed that TRON’s USDT transactions rose dramatically Year-Over-Year (YoY), in over three years.
The USDT, a stablecoin pegged to the US dollar, has become a popular choice to make payments among TRON customers. The popularity of the TRON network can be attributed to its unique characteristics like reduced fees and instant settlement. Since users care about preserving their savings, they go for the blockchain with the cheapest fees and highest liquidity.
Moreover, TRON is also leading in the broader stablecoin ecosystem due to activities in emerging markets. Data from Allium, a data provider shows 38.6% of all stablecoin addresses used during the last 30 days belong to USDT on TRON wallets.
USDT From Emerging Markets
USDT transactions on TRON are predominantly from emerging markets as indicated by its transaction size. In contrast, stablecoin volume on Ethereum consisted mostly of large transactions worth over $100,000. TRON aims to give blockchain users in developing countries an equal opportunity to perform businesses seamlessly, recognizing that blockchain payments have little value there.
In the traditional market, USDT transactions on TRON have threatened to dethrone Visa in global digital payments. As mentioned in our earlier article, TRON overthrew Visa in terms of daily trading volume. While TRON recorded a USDT volume of $53 billion, Visa came behind with $42 million.
Meanwhile, TRON recently became the first blockchain to have a single stablecoin issuance that exceeds $60 billion. According to our previous report, the issuance of TRC20-USDT had reached 59.8 billion tokens, with over 1.79 billion recorded transfers.
To enhance the seamless adoption of digital assets, the TRON network supports multichain Web3 development. Top Web3 projects that use TRON include the JustLend lending protocol, JustStables CDP, SUN DEX, and Bridgers DEX.
Exchanges Supporting USDT on TRON
Several crypto exchange platforms have opened support for USDT transactions on the TRON network due to their increasing adoption. For instance, Upbit Global, a Singaporean-based crypto exchange recently introduced USDT support on the TRON network, with no withdrawal fees.
HashKey Global has also followed in the footsteps of Upbit with a recent announcement for USDT offerings on TRON. With this move, these platforms solidify their position in the global crypto space.
Amid these developments, TRX, the native token of TRON continues to see an uptick in its price. In the past day, the TRX token experienced a 0.6% increase, to trade at $0.137. The market also increased to $11.9 billion, while the trading volume declined by 8% to $260 million.
