- USDT Supply on Trom reaches a major milestone
- The issuance of Tether on TRON has surpassed the $2.5 billion mark
- This validates TRX’s position as an extra liquidity network
Tron News Today – the stablecoin market has been on the rise since 2020 despite the coronavirus pandemic. One of this stablecoins Tether even managed to surpass XRP’s position as the number three largest digital asset by market cap. Now, Tether is once more in the news after hitting another milestone on the Tron Blockchain.
Many people assume Tether’s USDT stablecoin, is the predominant stablecoin tied to the Ethereum Blockchain because the later holds the largest volume of USDT. However, it is beginning to look like this will change soon enough. The reason is the massive growth of USDT issuance on the Tron network. At press time Tron’s Justin Sun claims that Tether’s issuance on Tron has surpassed the $2.5 billion mark.
Tether’s USDT on the Tron Network is on Fire
It is an interesting proposition to see how the supply of Tether’s USDT is distributed across multiple Blockchain networks. The original OMNI Blockchain network has already been surpassed by no less than two of its competitors when it comes to Tether’s USDT issuance volume. Ethereum however, is still the undisputed go-to Blockchain for Tether’s stablecoin. But we can agree that competition will arise very soon because of the massive rise of Tether in Tron. According to Sun, the issuance of Tether’s USDT token on the Tron network has surpassed $2.5 billion (at least in terms of circulation amount). Sun announced via a recent tweet:
The circulation sum of TRC20/USDT issued by Tether to TRON network has exceeded the 2.5 Billion mark. This is a remarkable milestone, that validates the choice for TRON as an extra liquidity network.
Hence, it is safe to assume that this latest development will catapult the value of Tron’s Blockchain to a new level.
Stablecoins Have Been the Key Reason for Blockchain Usage Recently
With the above point, even though the development will bring its positives to Tron, it is a bit worrisome that stablecoins have now become the primary reason for users to engage the Blockchain in recent days. The same thing applies as much to the Tron network as it applies to the Ethereum Blockchain. None of the dApps on the two Blockchain network’s come close regarding volume or transactions.
Hence, it is a cause for concern even though the situation will always continue to evolve. The race between the Tron network and the Ethereum platform appears to be far from over. Whether the new development will trigger a bull action in Tron’s TRX remains to be seen. Only time will determine if such a prediction will materialize.