- The 24-hour trading volume of Tether (USDT) surged to an unprecedented $53 billion on the TRON network, notable for surpassing Visa’s average daily trading volume of $42 billion in Q1 2024.
- This event emphasizes Visa’s significant role as a payment processing leader managing transactions across over 200 countries, highlighting the rapid growth of TRON-based USDT.
- According to Lookonchain’s recent tweet, TRON’s USDT daily trading volume has outstripped Visa’s, painting a vivid picture of its escalating adoption rate.
USDT on TRON Network exceeds Visa’s daily trading volumes, reflecting the growing demand for stablecoins amid a volatile crypto market landscape.
USDT on TRON Network Surpasses Visa’s Daily Trading Volume
In its latest statistics, Lookonchain reported that the 24-hour trading volume for USDT on the TRON Network achieved $53 billion, outpacing Visa’s average daily volume of $42 billion during Q1 2024.
“The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B.”
According to data from TronScan, USDT recorded over 45.5 million holders including numerous transfer counts surpassing 1.8 billion within the same time frame. Additionally, the top ten holders on the TRON network collectively control 27.69% of the USDT supply, totaling 16.56 billion USDT.
This significant milestone signals an increased inclination towards stablecoins like USDT, particularly in the current bearish crypto market.
Consistent Transaction Growth on TRON Network
Since January 2023, the volume of USDT transactions on the TRON network has shown an unwavering uptrend with an average of nearly two million transactions per day since February. This continued growth into 2024 illustrates investor confidence in the TRON network.
Notably, in the first week of April, TRIN’s weekly volume for USDT soared to $110 billion, effectively doubling the volume settled on the Ethereum blockchain, thereby reinforcing the investors’ preference for TRON.
Introduction of Tether’s Gold-Backed Stablecoin aUSDT
On June 17, Tether’s CEO Paolo Ardoino unveiled aUSDT, a new synthetic dollar tethered to Tether’s gold-backed digital asset XAUt. Willi Woo, a prominent industry analyst, commended it as a “genius business idea” from Tether.
Unlike USDT, which generates returns on U.S. Treasury Bills, aUSDT will capitalize on gold’s market performance, diversifying investor options within Tether’s portfolio.
Conclusion
The significant milestones of Tether’s USDT on the TRON network, particularly in outpacing Visa’s daily trading volume, highlight the growing market demand for stablecoins amidst macroeconomic uncertainties. Coupled with innovative financial products like aUSDT, Tether continues to reinforce its position in the evolving crypto landscape. As stablecoins become more embedded in global financial systems, their impact on traditional payment methods could catalyze further adoption and innovation.
