As a seasoned crypto investor with a keen interest in the digital asset market’s trends and developments, I find the latest statistics on USDT’s trading volume on the TRON network truly remarkable. The fact that it has surpassed Visa’s average daily trading volume is an impressive feat, underscoring the growing significance of stablecoins like USDT.
As a crypto investor, I’ve noticed an impressive surge in the 24-hour trading volume of Tether (USDT) on the TRON network, reaching an astounding $53 billion. This figure outpaced the average daily trading volume of payment giants like Visa during Q1, 2024, which was recorded at $42 billion.
As a researcher examining the payment processing industry, I cannot overlook the significance of comparing Visa’s operations to others due to its prominent position as one of the biggest global payment processors. Managing transactions worth billions in over 200 countries and regions makes Visa’s comparison essential for understanding market dynamics and competition.
USDT on TRON Outpaces Visa’s Daily Trading Volume
As a researcher examining current trends in cryptocurrency markets, I’ve noticed an intriguing development. According to the latest figures shared by Lookonchain on Twitter, there has been a significant surge in both value and usage of USDT on the TRON blockchain.
“The daily trading volume of USDT on TronNetwork reaches an impressive $53 billion, surpassing Visa’s regular transaction flow. In Q1 2024, Visa reported a total trading volume of $3.78 trillion, with an average of $42 billion processed daily.”
It is important to note that USDT on the TRON network recorded over 45.5 million holders, according to the data from TronScan, which also revealed a total transfer count exceeding 1.8 billion during the same period. Interestingly, the top ten holders of USDT on TRON possess 27.69% of the total supply on the network, holding 16.56 billion USDT.
In simpler terms, the recent advancement is indicative of a growing preference for stablecoins like USDT during crypto market declines.
Since January 2023, the number of USDT transactions on the TRON network has consistently increased. On average, approximately two million transactions occur each day. This upward trend persists and carries over into the year 2024.
In the initial week of April, TRON’s weekly trading volume for USDT reached an astonishing $110 billion on its network. Notably, this value surpassed Ethereum‘s weekly trading volume by almost double, indicating a strong preference among investors towards TRON.
Tether’s aUSDT, a Gold-Backed Stablecoin
On June 17th, Tether CEO Paolo Ardoino unveiled a new synthetic dollar coin named aUSDT, which is backed by Tether’s gold-backed digital asset XAUt. This announcement was highly praised by industry analyst and stock-to-flow model creator Willi Woo, who deemed it a brilliant business strategy from the stablecoin issuer.
I, as a researcher, can share that according to Ardoino’s explanation, while USDT derives its stability from returns on U.S. Treasury Bills, the upcoming stablecoin is designed to leverage gold price appreciation for maintaining its value.
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2024-06-22 07:20