TL:DR Breakdown:
- The circulating supply of USDT on the Tron blockchain has surpassed 6.1 billion.
- The growing supply of the stablecoin somewhat suggests a strong demand for the stablecoin on Tron.
There is probably a growing demand for the US dollar-backed stablecoin, Tether (USDT), on the Tron blockchain, as more is steadily being issued on the Ethereum rival network. Today, the total number of USDT on the Tron blockchain surpassed six billion, as the founder, Justin Sun, tweeted. Meanwhile, the increasing number of Tether stablecoin comes as the overall market capitalization of the crypto is nearing the $20 billion level.
The number of USDT on Tron surged by +500%
Tronscan, the blockchain explorer, confirmed a total supply of 6,145,511,427 USDT on the network, all of which are currently in circulation. Additionally, there are 1,425,965 Tron addresses holding the entire stablecoins. About 26.754 million USDT transactions have been processed on the network. USDT supply has been growing speedily in recent months. The number of USDT on Tron recently surpassed five billion, as Cryptopolitan reported.
Recently, the company behind the stablecoin swapped about one billion TRC-20 USDT to Ethereum due to the growing demand in the decentralized finance (DeFi) market. However, the supply of the USDT on the Tron blockchain is still up by more than 500 percent since this year. As of January 2, there were only 916.5 million Tether stablecoin on the network. At the time, only 31,702 addresses held the entire supply.
USDT market capitalization
The stablecoin itself has been gaining large trading volumes since the market rally in September. Cryptopolitan reported on Wednesday that the USDT market valuation is nearing $20 billion across popular crypto tracking platforms – Coinmarketcap, Messari, and CoinGecko. The increasing valuation further strengthens the crypto’s dominance in the stablecoin market, aside from ranking as the fourth-largest digital currency.
