USDT circulation on TRON dwarfs Ethereum’s surpassing $40 billion

3 months ago
2 mins read

The Tron (TRX) network has been measuring some impressive results in the past few months. One of them is the amount of stablecoin Tether (USDT) issued on it, in which it has recently overtaken Ethereum (ETH).

Specifically, the volume of TRC20-USDT issued on the Proof-of-Stake (PoS) blockchain at press time had reached a staggering 40.7 billion, as published by Tron DAO in a tweet on March 24.

Amount of USDT issued on TRON. Source: TRONSCAN

This is a major achievement for Tron, as it has “once again” dethroned Ethereum as the dominant chain for USDT. 

At press time, Ethereum had a total supply of 39.82 billion ERC20-USDT, which is around 800 million less than Tron, according to the data acquired by Finbold from Etherscan.

Amount of USDT issued on Ethereum. Source: Etherscan

TRON deflation and increased smart contract activity

Overtaking Ethereum in the number of USDT issued is not the only recent success for Tron, according to the Twitter account of TRONSCAN, the Tron network’s block explorer, stating the “TRX has been in a state of deflation.” 

What’s more, Finbold had earlier reported on the steady increase in the number of transactions and smart contract activity on Tron, with more than 60% of total transactions relating to smart contracts, further illustrating the network’s growth.

The price of the Tron token has also recorded an upward trend as well. At the time of publication, it stood at $0.0649, recording a seven-day growth of 6.39% from the week before when it traded at $0.061.

Seven-day Tron price. Source: CoinMarketCap

The 24-hour price of the TRX cryptocurrency has seen an increase of 1.14%. Tron’s market capitalization is currently $6.6 billion.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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Ana Nicenko

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.