Tether (USDT) has been gaining major traction on the TRON network, according to recent data from CryptoQuant.
In September 2024 alone, the TRON network facilitated $424 billion in USDT transfers. Per the data, this makes it one of the highest monthly transfer amounts ever recorded for the stablecoin.
USDT’s popularity on TRON has grown steadily since 2019
The popularity of USDT on TRON has been on a steady upward trajectory since its integration in 2019. As per CryptoQuant, when USDT first launched on TRON, monthly transfer amounts were a modest $73 million.
Fast forward to a year ago, and this figure had already surged to $304 billion. The latest data shows a further 25% increase compared to last year.
“Stablecoins have become very popular in recent years. Tether is the biggest stablecoin (market cap = $119.94B), and TRON is one of the most popular network for sending them,” CryptoQuant analyst Maartunn stated.
Tether’s milestone in user adoption
Tether’s own report reveals 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. Tether mentioned that the reported figure doesn’t include off-chain users on centralized platforms, which Tether estimates to be in the tens of millions.
The growth in USDT users has been on an average increase of 9% over the last four quarters. Q3 of 2024 was particularly notable, welcoming 36.25 million new users.
The TRON network has become one of the most popular blockchains for USDT transactions. Its ability to handle a high volume of transactions efficiently has made it an attractive alternative to other networks.
Even though TRON has earned its place, Tether’s report also highlights notable growth on other networks. Ethereum layer 2 chains such as Optimism, Arbitrum, and Polygon have seen the fastest percentage growth over the past year.
Additionally, USDT’s recent launch on TON has been to decent growth, adding 3.3 million users in just six months.
According to CoinGecko data, USDT is the largest stablecoin by market cap at $119.94 billion. Circle (USDC) stands second with a market cap of $34.7 billion.
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