- There are now over five billion Tether’s USDT on TRON blockchain.
- Ethereum remains the leading blockchain for USDT with over 11 billion USDT supply.
Tron Foundation informed on Monday that the total number of Tether’s US dollar-backed stablecoin (USDT) on the TRON blockchain had exceeded five billion. The stablecoin supply has been growing on the TRON blockchain and sees huge transactions recorded from the community. The development today comes shortly after Tether announced its intention to swap about one billion USDT on TRON network to Ethereum (as ERC-20 token).
USDT on TRON surpasses five billion
Per the announcement, the number of USDT on TRON blockchain surpassed five billion, with nearly 23 million transactions made so far. Tronscan confirmed an exact 5,145,511,427 USDT supply on the blockchain during the time of writing. All the stablecoins are currently in circulation, and they are held in about 1.3 million addresses, according to the network explorer. Users had shown keen interest in TRC-20 USDT due to the cheap transaction fee, compared to Ethereum.
The five billion USDT supply on TRON blockchain comes after Tether’s decision to swap one billion USDT on TRON to ERC-20 for the Ethereum blockchain. Noteworthily, the decision could be related to the fuss in the decentralized finance (DeFi) market, as stablecoins saw an increase in demand. As Cryptopolitan reported, there were 4.75 billion USDT on TRON, and the planned swapping would see the supply drop even further.
The Tron community criticized Tether’s decision at the time, saying it was cheaper moving the stablecoin on TRON than on Ethereum.
Ethereum holds the largest USDT supply
The Ethereum blockchain also noted a more increase in the stablecoin supply. As of September 14, there was about 8.8 billion USDT supply on the blockchain. However, the data from Ethereum blockchain explorer, Etherscan, shows about 11 billion supply, with 69 million transfers. The stablecoins on Ethereum are held across 1,862,144 addresses.