The trading volume of Tether (USDT) on the TRON network has skyrocketed to $53 billion in just 24 hours, surpassing the daily trading volume of Visa, a global payment giant, which stood at $42 billion in the first quarter of 2024.
This milestone is significant considering Visa’s status as one of the largest payment processors worldwide, facilitating billions of transactions across over 200 countries and regions.
The surge in the value and utilization of TRON-based USDT is evident from the latest data shared by Lookonchain on Twitter. The tweet revealed that the 24-hour trading volume of USDT on the TRON network has exceeded Visa’s average daily trading volume. In Q1 2024, Visa’s total trading volume was $3.78 trillion, with a daily average of $42 billion.
Notably, there are over 45.5 million holders of USDT on the TRON network, as per TronScan data. Moreover, the total number of transfers conducted on the network has surpassed 1.8 billion. Interestingly, the top ten holders of USDT on TRON collectively own 27.69% of the total supply, amounting to 16.56 billion USDT.
This surge in USDT trading volume on the TRON network reflects the growing demand for stablecoins like USDT amidst a challenging period in the crypto market.
Furthermore, the transaction volume of USDT on TRON has been steadily increasing since January 2023, with an average of nearly two million transactions taking place daily since February. This trend has continued into 2024, with TRIN’s weekly USDT volume reaching $110 billion in the first week of April, doubling the volume settled on Ethereum.
In a strategic move, Tether CEO Paolo Ardoino introduced aUSDT on June 17, a new stablecoin backed by Tether’s gold-based digital asset XAUt. This innovative offering was praised by industry expert Willi Woo, who deemed it a “genius business idea” by the stablecoin issuer.
Ardoino explained that while USDT currently generates returns from U.S. Treasury Bills, aUSDT will benefit from gains in gold prices, adding another layer of stability and value to the Tether ecosystem.
In conclusion, the remarkable growth of USDT on the TRON network and the introduction of aUSDT underscore Tether’s commitment to innovation and meeting the evolving needs of the crypto market. As investors show a growing preference for TRON-based stablecoins, the landscape of digital assets continues to evolve, offering new possibilities and opportunities for market participants.