- 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.
About 1.46 million users utilized the chain for transacting tokens, considerably higher than the second-ranked BNB Chain.
Apart from the market dominance in user base, other on-chain indicators were also noteworthy. The Justin Sun-founded chain retained its position as the second-largest chain in terms of transaction count, trailing only Solana [SOL].
In the last 24 hours until press time, Tron recorded 4.63 million transactions.
USDT remains unbeatable
While Tron proved its mettle in stablecoin transactions, AMBCrypto analyzed other developments, which pointed out the sheer dominance of USDT in the broader stablecoin landscape.
The U.S. Dollar-pegged crypto’s market cap reached its new all-time high (ATH) of $84 billion recently, as per an AMBCrypto article. The increase reflected an impressive 22% year-over-year (YoY) increase.
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Indeed, events throughout the course of 2o23 shifted the tide in USDT’s favor. Regulatory concerns, exposure to the March banking crisis, and depegging events took the wind out of its competitors’ sails.
At the time of writing, USDT enjoyed nearly 68% share of the entire stablecoin market, data from CoinMarketCap showed.