Tether (USDT) has continued its reign as the dominant stablecoin, setting a new milestone on the TRON network. In September 2024, TRON facilitated a staggering $424 billion in USDT transfers, making it one of the highest monthly transfer amounts ever recorded for the stablecoin.
The popularity of USDT on TRON has been on a steady upward trajectory since its integration in 2019. From modest monthly transfer amounts of $73 million in 2019, the figure surged to $304 billion just a year ago. The latest data reveals a further 25% increase compared to the previous year.
CryptoQuant analyst Maartunn attributed this growth to the increasing popularity of stablecoins in recent years. "Tether is the biggest stablecoin, and TRON is one of the most popular networks for sending them," he stated.
Tether's own report provides even more impressive figures regarding USDT adoption across all supported blockchains. By the end of Q3 2024, USDT had reached 330 million on-chain wallets and accounts. This figure doesn't include off-chain users on centralized platforms, which Tether estimates to be in the tens of millions.
The TRON network has emerged as a preferred choice for USDT transactions due to its ability to handle a high volume of transactions efficiently. However, Tether's report also highlights notable growth on other networks, such as Ethereum layer 2 chains and the recently launched TON network.
According to CoinGecko data, USDT remains the largest stablecoin by market cap at $119.94 billion, surpassing Circle's USDC.
October 2024, Cryptoniteuae