The 24-hour trading volume of Tether (USDT) reached $53 billion on the TRON network, surpassing payment giant Visa’s average daily trading volume of $42 billion for Q1, 2024.
This comparison is particularly important given Visa’s stature as one of the world’s largest payment processors, managing billions of transactions across more than 200 countries and regions.
USDT on TRON Outpaces Visa’s Daily Trading Volume
The rapid growth in the value and usage of TRON-based USDT is highlighted in the latest statistics by Lookonchain’s latest tweet, which read,
“The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B.”
It is important to note that USDT on the TRON network recorded over 45.5 million holders, according to the data from TronScan, which also revealed a total transfer count exceeding 1.8 billion during the same period. Interestingly, the top ten holders of USDT on TRON possess 27.69% of the total supply on the network, holding 16.56 billion USDT.
The latest development reflects a broader trend of increased demand for stablecoins such as USDT amidst a downturn in the crypto market.
Meanwhile, the USDT transaction volume on the TRON network has been steadily rising since January 2023. Averaging around two million transactions almost daily since February, this uptrend has continued into 2024 as well.
For instance, TRIN’s weekly volume for USDT hit a whopping $110 billion in the first week of April alone. This figure was double the amount settled on rival blockchain giant Ethereum, thereby highlighting investor inclination towards TRON.
Tether’s aUSDT, a Gold-Backed Stablecoin
On June 17, Tether CEO Paolo Ardoino introduced aUSDT, a new synthetic dollar backed by Tether’s gold-backed digital asset XAUt. This move was lauded by industry analyst and stock-to-flow model creator Willi Woo, who called it a “genius business idea” by the stablecoin issuer.
As explained by Ardoino, while USDT currently earns returns on U.S. Treasury Bills, the new stablecoin will benefit from gold gains.