Tether, the largest stablecoin by market cap, has reached a milestone by issuing 30 billion USDT on the Tron blockchain. While the stablecoin is now present on various chains, including BSC (Binance Smart Chain), most of it is now on Tron due to the blockchain’s low transaction fees, making it easy and inexpensive to use. .
Tether reaches 30 billion USDT issued on Tron
Tether, the largest stablecoin on the market, has reached a volume of 30 billion USDT issued as TRC20 tokens on the Tron blockchain, this being the highest stablecoin it has issued at the top of any chain so far. . The announcement was made by Tron founder Justin Sun via Twitter, where he congratulated the company on reaching this milestone.
🎉Congratulations on # TRC20 – #USDT reaching the 30 billion milestone, as the best performing stablecoin with immediate transactions and free handling fees on #TRON.
📢The circulation amount of # TRC20 – #USDT issued by @Tether_to on the #TRON network exceeded 30.9 billion. pic.twitter.com/HCabocSNPj
– Justin Sun 🅣🌞 (@justinsuntron) May 13, 2021
Now, according to official information taken from the Tether website, there are almost 60 billion USDT issued, with Tron as the dominant chain. Ethereum now ranks second, with roughly 27 billion USDT issued as ERC20 tokens. Omni, the bitcoin-based protocol, still has over a billion USDT issued in addition. While Tether has long gone multi-chain, other chains have not gained momentum, with Solana being fourth, with nearly 200 million USDT issued.
Tether issuance has risen since the bull market phase began, from 10 billion USDT in August 2020 to almost 60 billion USDT today, according to data from Glassnode. This means that the amount of Tether available on the market grew five times in less than a year, an explosive growth for such a short period.
The not so slow migration
Tether launched on Tron in April 2019, but did not manage to gain notoriety until this year, when it slowly took part of the market valuation of its Ethereum counterpart. Users were drawn to the Tron version of tether (USDT) due to its almost free instant transactions. Ethereum started facing congestion issues this year and users have had to wait hours for expensive transactions. However, even with these issues, tether remains one of the most widely used currencies on decentralized finance platforms (defi), with hundreds of millions staked on protocols like COMP and AAVE.
Tether’s dominance in the cryptocurrency stablecoin market is impressive, even with all the legal issues and controversy it has faced. The coin was recently listed on Coinbase, a huge achievement even after it was fined $ 18.5 million by the New York Attorney General’s Office in a settlement in February.
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