The trading volume of Tether (USDT) on the TRON network has experienced a significant surge, reaching a staggering $53 billion. This impressive figure surpasses the average daily trading volume of payment giant Visa, which stood at $42 billion for Q1, 2024. This comparison is particularly noteworthy considering Visa’s status as one of the world’s largest payment processors, handling billions of transactions globally.
Recent statistics by Lookonchain have shed light on the rapid growth of USDT on the TRON network. With over 45.5 million holders and a total transfer count exceeding 1.8 billion, the TRON-based USDT has garnered substantial popularity and usage. Notably, the top ten holders of USDT on TRON control 27.69% of the total supply, indicating a concentrated ownership pattern on the network.
The surge in USDT trading volume on the TRON network reflects a broader trend of increased demand for stablecoins amid a challenging market environment for cryptocurrencies. The transaction volume of USDT on TRON has been steadily rising since January 2023, with an average of two million daily transactions since February. Moreover, TRIN’s weekly volume for USDT soared to $110 billion in the first week of April, surpassing Ethereum’s settlement volume and signaling a growing investor interest in TRON.
In a strategic move, Tether CEO Paolo Ardoino introduced a new synthetic dollar, aUSD, backed by Tether’s gold-backed digital asset XAUt. This initiative was praised by industry analyst Willi Woo, who commended it as a “genius business idea.” By leveraging gold gains, the new stablecoin aims to provide investors with an alternative to USDT’s existing investment model based on U.S. Treasury Bills.
Overall, the rise of TRON-based USDT to surpass Visa’s trading volume underscores the growing significance of blockchain-based transactions and stablecoins in the digital finance landscape. With innovative solutions and market trends shaping the future of digital assets, TRON’s position as a key player in the crypto ecosystem continues to strengthen.