As the US dollar-backed stablecoin, Tether (USDT) continues to see an increase in trading volume and more heavy printing, a relatively large portion of the stablecoin is being issued on the Tron network. Also, the Tron-based USDTs are now in full play, Justin Sun, the founder of Tron, disclosed this on Thursday.
Tron-based USDT whole supply in circulation
Sun shared on Twitter that the Tron-based USDT currently circulating has exceeded 1.9 billion. A glance at the Tronscan revealed that there is a total of 1,983,395,020 billion USDT in circulation. This is equal to the entire supply of Tether stablecoin issued on the network so far.
Probably, the data signals high demand for the Tron-based USDT. However, only 71,812 addresses are holding the entire Tron version of Tether stablecoin. One can quickly tell from a historical chart that the stablecoins issued on the Tron network has been increasing consistently when compared to its former home, the Omni Layer.
USDT on Tron kept growing
As of October last year, Tron-based USDT accounted for 12 percent of the whole supply of USDT across the different networks that house it. Earlier in January, the Tron network garnered a 10 percent increase of the total USDT supply, summing up to 916,550,610, which was 22 percent of total supply, at that time.
With massive printing of USDT, Tron sees more than double the amount it gained in January, all of which are circulating now, as per Tronscan. Meanwhile, there is currently a total supply of 1,335,000,000 USDT on the Omni Layer, while Ethereum-based USDT continues to lead the pace with 5,737,970,410 USDT total supply.
USDT trade volume continues spiking
Tether is believed to have become the most significant success story throughout the cryptocurrency industry. The USDT market cap of the stablecoin has grown to over $8.8 billion since the market crash on the 12th of March. The meltdown probably spiked more demand for the stablecoin, as the need for fiat-pegged crypto surged accordingly.
As reported by Messari, a digital currency research company, USDT, Bitcoin, and Ether alone make up 90 percent trading volume in the crypto market.