In a remarkable display of growth in the decentralized finance sector, Tron’s transactional throughput has made a splash in the industry by exceeding one of the world’s largest payment networks. The 24-hour trading volume of tether (USDT) on the Tron network has soared, surpassing Visa’s average daily transaction volume with a staggering figure over $53 billion.
This significant milestone comes amidst a widespread downturn in the broader crypto market, yet Tron’s native cryptocurrency, TRX, has shown remarkable resilience. TRX has not only weathered the storm but has also managed to achieve a gain of 2% against the U.S. dollar over the past week. It also registered a 1.7% increase in its value in just the last day.
The fundamentals supporting TRX’s growth are solid, with the Tron network now boasting 59 billion tethers in issuance. Moreover, there are 45,546,883 unique addresses that hold the Tron version of USDT. This widespread distribution is a testament to the growing acceptance and use of TRC20-based USDT, reflecting the network’s increasing relevance in the crowded stablecoin market.
A deeper dive into the concentration of holdings on the Tron network reveals that the top ten USDT holders command an influence with 27.57% of the total issuance. Holders ranked 11th to 50th account for a further 6.14%, indicating a reasonable level of decentralization within the network’s tether economy.
Comparing the holder distribution to the Ethereum network provides further insights. There’s a significant gap in the number of holders between TRC20-based tether on Tron, which stands at roughly 45.54 million, and ERC20-based tether on Ethereum, with 5,724,266 holders. This stark contrast highlights Tron’s dominant position in the stablecoin sector, particularly for tether, and speaks to the network’s scalability and lower transaction costs.
TRX and TRC20-based USDT on the Tron blockchain have thus demonstrated significant endurance and robust performance during challenging market conditions. Over the last two weeks, TRX not only sustained its value but also increased by 3.2% against the U.S. dollar, indicating a positive sentiment and trust in the stability and utility of Tron’s ecosystem by its users.
As the cryptocurrency landscape continues to evolve, Tron’s milestones position it as a potential key player in defining the future digital economy. Its recent achievements and steady performance underscore the potential for blockchain technologies to offer viable alternatives to traditional financial infrastructure.
