The TRON blockchain has achieved a remarkable feat, processing $587.2 billion in USDT transfers during November 2024.
This all-time high (ATH) reflects significant growth compared to $424.4 billion in September and $489.3 billion in October.
The figure, captured by CryptoQuant analyst Maartunn, is noteworthy, considering in July 2019, the network only managed to move about $73.8 million in USDT. However, its share has increased steadily since then, registering $287.1 billion in May 2021, $315.5 billion a year later, and $462.6 billion in March 2024.
While the numbers dipped slightly in May and June, they soared since September, culminating in the November ATH.
CryptoQuant’s data also showed that the number of USDT receivers on TRON was also at its highest level in October, reaching 10.6 million. However, the 9.2 million senders in that month were only bettered by the 10.18 million recorded earlier in May.
Some market watchers have attributed the uptick in stablecoin transfers on the network to its key advantages, including low transaction fees, fast processing times, and cost-effective remittance services.
The record-breaking growth also positively impacted TRON’s native TRX token. Figures from CoinGecko show that it has surged by more than 160% over the last 12 months, possibly reflecting the blockchain’s rising importance in the crypto space.
At the time of writing, TRX was trading at $0.2912, up 3.3% in the previous 24 hours, with a range of $0.2772 to $0.304 in that period. Additionally, the coin has outshined the broader crypto market, gaining 10.7% across the past week against the sector’s 9.1%.
The performance is even better compared to similar smart contract platform cryptocurrencies, which gained an average of 8.80% in the last seven days.
While Justin Sun’s network leads in USDT transfer volume, Ethereum has also gained ground. Recent data shows that Tether minted $20 billion worth of the stablecoin on Ethereum, pushing it ahead of TRON as the leading platform for USDT supply.
Furthermore, analysts expect Ethereum’s supply of the highest capped stablecoin to reach $1 trillion by the end of 2025, solidifying its position as a trusted institutional-grade blockchain.
Elsewhere, Circle and Binance announced a strategic partnership to expand the global adoption of USDT’s closest competitor, USDC. Per the arrangement, Binance will offer the dollar-pegged cryptocurrency to its estimated 240 million user base and make it a core component of its corporate treasury.
The post USDT Transfer Volume on TRON Reaches All-Time High of $587.2B appeared first on CryptoPotato.
This all-time high (ATH) reflects significant growth compared to $424.4 billion in September and $489.3 billion in October.
TRON’s Stablecoin Boom
The figure, captured by CryptoQuant analyst Maartunn, is noteworthy, considering in July 2019, the network only managed to move about $73.8 million in USDT. However, its share has increased steadily since then, registering $287.1 billion in May 2021, $315.5 billion a year later, and $462.6 billion in March 2024.
While the numbers dipped slightly in May and June, they soared since September, culminating in the November ATH.
CryptoQuant’s data also showed that the number of USDT receivers on TRON was also at its highest level in October, reaching 10.6 million. However, the 9.2 million senders in that month were only bettered by the 10.18 million recorded earlier in May.
Some market watchers have attributed the uptick in stablecoin transfers on the network to its key advantages, including low transaction fees, fast processing times, and cost-effective remittance services.
The record-breaking growth also positively impacted TRON’s native TRX token. Figures from CoinGecko show that it has surged by more than 160% over the last 12 months, possibly reflecting the blockchain’s rising importance in the crypto space.
At the time of writing, TRX was trading at $0.2912, up 3.3% in the previous 24 hours, with a range of $0.2772 to $0.304 in that period. Additionally, the coin has outshined the broader crypto market, gaining 10.7% across the past week against the sector’s 9.1%.
The performance is even better compared to similar smart contract platform cryptocurrencies, which gained an average of 8.80% in the last seven days.
Ethereum’s Growing Competition
While Justin Sun’s network leads in USDT transfer volume, Ethereum has also gained ground. Recent data shows that Tether minted $20 billion worth of the stablecoin on Ethereum, pushing it ahead of TRON as the leading platform for USDT supply.
Furthermore, analysts expect Ethereum’s supply of the highest capped stablecoin to reach $1 trillion by the end of 2025, solidifying its position as a trusted institutional-grade blockchain.
Elsewhere, Circle and Binance announced a strategic partnership to expand the global adoption of USDT’s closest competitor, USDC. Per the arrangement, Binance will offer the dollar-pegged cryptocurrency to its estimated 240 million user base and make it a core component of its corporate treasury.
The post USDT Transfer Volume on TRON Reaches All-Time High of $587.2B appeared first on CryptoPotato.
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