USDT Transactions Surge Fueling Tron Price Rally
Tron’s price has been on the rise for three consecutive days following on-chain data indicating the strong performance of its ecosystem. TRX reached a peak of $0.1185 on Friday, marking its highest point in a month. It has surged by more than 7.65% from its lowest point this month, while other altcoins like Ether, Solana, and Pepe have experienced declines.
According to TronScan, the 24-hour trading volume of Tether (USDT) on Tron has surged to over $53 billion. This coincides with a significant increase in the number of transfers, which has now surpassed 2.18 million, and the number of holders, which has risen to over 45.32 million. The number of USDT on Tron holders has shown a strong upward trend in recent months, with data indicating that the figure stood at over 25 million in the same period in 2023 and about 1.4 million in 2020.
The volume of USDT traded on Tron has exceeded that of Visa and Mastercard, the two largest payment processing companies in the world. These figures highlight Tron’s importance in the crypto industry, as Tether is the most significant stablecoin. Additionally, data from DeFi Llama indicates that the volume of stablecoins on Tether has surged to more than $58 billion, accounting for 51% of the total Tether supply.
Despite Tether’s recent growth slowdown, it remains a popular stablecoin. In fact, recent data suggests that USDT has become more popular than Bitcoin in Latin America. There is further evidence of Tron’s success, with the total value locked (TVL) in its DeFi ecosystem surpassing $8.13 billion, with a significant portion being in JustLend, JustStables, and SUN.
Furthermore, Tron ranks as the second most profitable player in the crypto industry, with its revenue this year exceeding $735 million, placing it just behind Ethereum. However, Tron does face potential challenges, particularly with the Securities and Exchange Commission (SEC) charging Justin Sun and others with fraud and other securities violations in 2023. The impact of this lawsuit on the network remains uncertain. Most recently, Circle has ceased its support for USD Coin on Tron.
