Tron’s 34M USDT holders – Why they are more important than you think
- Tron network leads with the most USDT addresses.
- TRX has continued to trade at a loss.
Recent data indicates that the Tron [TRX] network is leading in terms of USDT volume when compared to other networks. Notably, the USDT volume on the Tron network is experiencing a significant surge, and the Total Value Locked has reached a historic high.
Tron leads in USDT addresses
As of 7th March, data from IntoTheBlock showed that the Tron network has established itself as the most dominant platform in terms of the number of USDT holders and addresses.
The statistics indicate a notable 34.31 million holders on the Tron network, surpassing other networks by more than tenfold. In comparison, Ethereum and Polygon, the closest competitors, had 4.89 million and 3.08 million holders, respectively.
Furthermore, this achievement is particularly impressive, considering the Tron network faced challenges in late February following an announcement from Circle.
On 20th February, Circle declared that USD Coin (USDC) would no longer be supported on the Tron blockchain. Circle specified that it would continue to support USDC transfers for its Circle Mint business customers to other blockchains until February 2025.
However, retail users and non-Circle customers were encouraged to migrate their Tron-based USDC to an exchange, enabling the transfer to a blockchain network where USDC is still supported. This decision was attributed to Circle’s risk management framework.
Tron’s stablecoin market cap and TVL climb to historic highs
An examination of Tron’s stablecoin market cap on DefiLlama showed significant growth in recent months. At the time of this writing, the stablecoin market cap for the Tron network was almost $53 billion.
Notably, this figure is noteworthy, considering that Ethereum’s stablecoin market cap is approximately $74 billion. A study of the chart showed that this represents the highest volume in the network’s history.
Source: DefiLlama
Furthermore, the Total Value Locked (TVL) on the Tron network has experienced a remarkable ascent in recent times.
At the time of this writing, the TVL was almost $10 billion. A closer analysis of the TVL chart showed that this marked the highest volume ever recorded on the network since its inception.
How much are 1,10,100 TRXs worth today
TRX fails to follow momentum
Despite the favorable trend observed in the Tron network, the native token TRX has not mirrored the same positive momentum. A detailed analysis of the TRX chart reveals an uptrend for most days in February. Yet, it has struggled to surpass the $0.1 mark.
Furthermore, the chart indicates a series of declines for the majority of March, with a closing loss on 7th March, and it continues to trade at a deficit at the time of this writing.
Source: Santiment
