Tether on Tron Blockchain Hits $24B, Surpassing Ethereum Amid Explosive Stablecoin Demand
There’s now more of the dollar-linked stablecoin tether (USDT, +0.02%) on the Tron blockchain than on Ethereum, data from Coin Metrics shows, possibly a sign that crypto traders are favoring the network’s lower transaction fees.
- As of April 14, the total market capitalization of tether (USDT) on Tron was $24 billion, versus $23.4 billion on Ethereum.
- “As the popularity and adoption of cryptocurrency and blockchain continue to grow, we expect USDT to continue to explode in popularity” Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release. “By crossing this historic milestone, I can proudly say that Tron is well positioned to become the global settlement layer and the blockchain protocol of the future.”
- The growth of the tether on Tron came as transaction fees on Ethereum remain high, frustrating many crypto traders who frequently use the stablecoin during trading to exit quickly from short-term trades and lock in gains with an asset at a stabilized value.
- As CoinDesk reported previously, the number of tether transactions on the Tron blockchain have also passed those on Ethereum.
- According to data from CoinGecko, tether is the most traded cryptocurrency in the world, exceeding bitcoin (BTC, -1.78%), ether (ETH, -0.34%) and meme crypto dogecoin (DOGE, +78.88%).
- USDT’s launch as a TRC-20 token was announced in 2019 in an effort to allow users to more easily conduct transactions within decentralized finance (DeFi).