The 24-hour trading volume of Tether (USDT) on the TRON network has skyrocketed to an impressive $53 billion, exceeding the average daily trading volume of payment giant Visa, which stood at $42 billion for the first quarter of 2024. This noteworthy achievement showcases the rapid growth and adoption of TRON-based USDT in the crypto market.
With over 45.5 million holders and a total transfer count exceeding 1.8 billion, USDT on the TRON network has attracted significant attention from investors and traders alike. The top ten holders of USDT on TRON control 27.69% of the total supply, indicating a high level of concentration among a handful of large holders.
Since January 2023, the transaction volume of USDT on the TRON network has been on a steady upward trend. With an average of two million transactions daily since February, the network has experienced a surge in activity throughout 2024. In fact, TRON’s weekly volume for USDT reached an impressive $110 billion in the first week of April, surpassing Ethereum’s transaction volume.
In a strategic move to innovate and expand its offerings, Tether CEO Paolo Ardoino introduced a new synthetic dollar, aUSDT, backed by Tether’s gold-backed digital asset XAUt. This new stablecoin is designed to capitalize on gains from gold, in contrast to USDT’s current returns from U.S. Treasury Bills. Industry analysts and experts, including Willi Woo, have praised this move as a “genius business idea” that sets Tether apart in the stablecoin market.
Overall, the rise of TRON-based USDT and its surpassing of Visa’s trading volume signal a growing trend towards stablecoins in the volatile crypto market. With innovative developments such as the introduction of aUSDT, Tether continues to lead the way in providing stable and reliable digital assets for investors worldwide.
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