Tron remains the most sought-after network for USDT transfers
November 7, 2023
By Aniket Verma
USDT’s supply on Tron recorded growth of 21% year-to-date.
Tron’s overall stablecoin market cap was $49.85 billion at press time.
In a significant development, USDT issuer Tether increased the supply of the stablecoin on the Tron [TRX] network by a billion. With the latest issuance, USDT’s reserves on Tron went past 45 billion, the highest allocation for any blockchain, including Ethereum [ETH].
The go-to chain for USDT transfers
Tron registered a significant jump in its USDT’s circulating supply in 2023, registering a growth rate of 21% year-to-date (YTD), according to data from Tronscan.
Moreover, the number of USDT holders on Tron climbed to 32.59 million as of this writing, a whopping 85% increase from a year ago. Tron’s overall stablecoin market cap was $49.85 billion at the time of writing, with a 90% dominance of USDT.
Tron approaching founder’s vision
The aggressive push aligned with founder Justin Sun’s vision of increasing the chain’s stablecoin supply to $60 billion by the end of 2023. Despite the extended bear market, one could say that Tron covered decent ground in pursuit of its goals.
As the chain became sought-after for stablecoin transfers, AMBCrypto observed a sustained increase in on-chain activity. Tron continued to be the undisputed leader in the Daily Active Addresses count.
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