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- Data from Lookochain reveal that Tether (USDT) ‘s 24-hour trading volume on the TRON (TRX) network reached $53 billion, surpassing Visa’s average daily trading volume of $42 billion in Q1 2024.
- This remarkable development undermines the growing adoption and demand for stablecoins, especially in the Tron network.
Data from Lookonchain has revealed that Tether’s USDT, the world’s leading stablecoin on the Tron Network, has surpassed payment giant Visa’s average daily trading volume of $42 billion.
According to market intelligence firm Lookonchain, Tether’s USDT on the TRON (TRX) network surged to $53 billion, capping Visa’s average daily trading volume of $42 billion for the first quarter of 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. pic.twitter.com/jolGKIUcxE
— Lookonchain (@lookonchain) June 21, 2024
This comparison is momentous considering Visa’s prestige as one of the world’s largest payment processors, handling piles of transactions worldwide. Tron continues to be at the leading edge in the face of the cryptocurrency market and the global financial ecosystem, with the stablecoin characterizing itself as a bridge between volatile digital assets and traditional fiat currencies.
Not to be disregarded, Crypto News Flash earlier reported that Tron continues to lead other networks in most active daily users, with 5.6 million. Notably, this number exceeds the second-placed BNB chain, with 4.3 million users.
In addition, data from Tronscan further underlines the robust activity surrounding USDT on Tron fueled by community participation. According to Tronscan, over 45.5 million users hold USDT on the network, and at the same time, the total transfer count surpassed 1.8 billion.
Also worth mentioning is that the top ten holders hold a significant portion (27.69%) of the USDT supply on Tron, with a combined total holding of 16.56 billion USDT.
This significant surge in the daily trading volume of this stablecoin mirrors the growing adaption and demand for stablecoins, especially during market volatility. Significantly, Stablecoins such as USDT, cryptocurrencies pegged to a real-world asset, hold a substantial effect on the cryptocurrency landscape in offering stability as investors tend to seek refuge against losses in other digital assets in times of volatility.
USDT’s growth trajectory can be traced back to early January last year when the network witnessed a steady upsurge in USDT transaction volume, averaging around two million transactions daily. This notable pattern continued through 2024, with USDT transaction volume on Tron reaching a notable high of $110 billion in the first week of April alone. This noble breakthrough overshadowed blockchain giant Ethereum.
Fueling the surge in USDT transactions is Tether’s innovative ability to launch new products. The most recent was the introduction of aUSDT, a new synthetic dollar backed by Tether’s gold-backed digital asset, XAUt. This stablecoin is designed to benefit from gold price gains while still being pegged to the dollar.
In summary, Tether’s USDT on the TRON (TRX) network surpassing Visa’s daily trading volume marks a significant milestone for the cryptocurrency landscape. It also pinpoints the growing adoption and demand of stablecoins, especially on the Tron network.
At the time of writing, TRX is trading at $0.1186, representing a 1.39% surge in the last seven days, solidifying its position as a leading network for investors.
