Data from CoinMetrics shows that the total active addresses for the stablecoin Tether (USDT) has exceeded 6 million.
Tron founder and BitTorrent CEO Justin Sun commented on the platform’s growth. He said that USDT will continue to grow as the crypto space experiences further growth.
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“[…] Tron is well positioned to become the global settlement layer and blockchain protocol of the future, ”he added.
6 million active USDT addresses on Tron and Ethereum
Observers have noted that investors may be favoring TRON due to the platform’s lower transaction fees.
Tether and Bitfiex CTO Paolo Ardoino revealed that Tether’s 6 million addresses are even between Tron and Ethereum, each with 3 million addresses.
“$ USDt has now spent 6 million active addresses, 3 million in #Ethereum, 3 million in #TRON,” he tweeted.
Many cryptocurrency traders have become frustrated due to the high transaction fees on Ethereum, which has led to more use of the much cheaper Tron platform. More traders are now using the stablecoin during trading to exit short-term exchanges.
Tether’s market capitalization increases exponentially
Tether’s market capitalization has also seen exponential growth, with a current value of $ 47.4 billion from its much lower value of $ 4.3 at the beginning of the year. The stablecoin has also shown tremendous growth in the number of its token holders.
The data also shows that the total market capitalization for Tether (USDT) in Tron has exceeded its market capitalization in Ethereum (ETH). As of this writing, USDT’s market capitalization on TRON (TRX) is $ 24 billion, while Ethereum’s is slightly behind $ 23.4 billion.
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