The TRON-based USDT has surpassed Visa’s daily average volume of $42 billion in the first quarter of 2024.
Within a 24-hour period, the trading volume of Tether (USDT) on the TRON network reached $53 billion, exceeding Visa’s average daily trading volume of $42 billion for Q1 2024.
This comparison is significant considering Visa’s role as a leading global payment processor, handling billions of transactions across over 200 countries and regions.
TRON-Based USDT Exceeds Visa’s Daily Trading Volume
The surge in TRON-based USDT’s value and usage is highlighted by the latest statistics shared by Lookonchain on Twitter.According to TronScan data, USDT on the TRON network recorded over 45.5 million holders, with a total transfer count exceeding 1.8 billion during this timeframe.
Notably, the top ten holders of USDT on TRON hold 27.69% of the total supply, equating to 16.56 billion USDT.This development indicates a broader trend of rising demand for stablecoins like USDT amidst a downturn in the crypto market.
The USDT transaction volume on the TRON network has been increasing steadily since January 2023. Averaging around two million transactions almost daily since February, this upward trend has continued into 2024.
For example, TRON’s weekly volume for USDT hit an impressive $110 billion in the first week of April alone. This figure was twice the amount settled on the Ethereum blockchain, showcasing a strong investor preference for TRON.
Introduction of Tether’s aUSDT, a Gold-Backed Stablecoin
On June 17, Tether CEO Paolo Ardoino announced the introduction of aUSDT, a new synthetic dollar backed by Tether’s gold-backed digital asset, XAUt. This initiative was praised by industry analyst and stock-to-flow model creator Willi Woo, who termed it a “genius business idea” by the stablecoin issuer.
Ardoino explained that while USDT currently earns returns on U.S. Treasury Bills, the new stablecoin will derive benefits from gold gains.
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