The largest stablecoin, U.S. Dollar Tether (USDT), is witnessing more usage on the Tron platform compared to Ethereum‘s. Data on transaction counts indicates that the TRC-20 USDT could be up to 10 times more popular than its ERC-20 counterpart on the Ethereum network.
Tron (TRX) processes almost 10x more USDT transfers than Ethereum (ETH)
For approximately 40 consecutive months, the Tron-supported USDT (USD Tether) has surpassed the Ethereum-supported USDT in popularity. In the past few weeks, the use of TRC-20 USDT has significantly outperformed its counterpart, with a staggering 900% increase in preference.
2021 marks a significant leap for USDT on the TRON network, as it has surpassed Ethereum’s ERC-20 version in terms of total token transfers. In fact, TRC-20 USDT transactions reached an impressive 22 billion, compared to only 2.6 billion for ERC-20 USDT on Ethereum.
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— CryptoQuant.com (@cryptoquant_com) January 9, 2025
The crypto analyst @Crazzyblockk, who is a part of the CryptoQuant community, has disclosed some findings. Specifically, they noted that Tron (TRX) blockchain handled approximately 22 billion transactions, whereas Ethereum (ETH) saw around 2.6 billion transfer occurrences.
According to data from @Crazzyblockk’s charts, it’s worth noting that during the November 2021 cryptocurrency surge, Ethereum (ETH) played a significant role as one of the prominent blockchains for stablecoin transactions.
In November 2022, the market was thrown into turmoil due to the downfall of FTX and Alameda, which led to an increase in the usage of stablecoin transfers (the number of these transactions spiked during price fluctuations in both upward and downward directions). By this time, USDT on the Tron network had already become a popular choice among investors.
Previously reported by U.Today, Tron (TRX) surpassed Ethereum (ETH) in several key metrics related to stablecoins in the year 2024.
Ethereum (ETH) remains dominant chain for USDT, TON challenges Solana (SOL)
Currently, Ethereum (ETH) outpaces Tron (TRX) in terms of the total amount of circulating supply that cryptocurrency holders can access.
According to the Tether Transparency tracker, a total of 74.6 billion US Dollars worth of USDT ERC-20 tokens are currently in circulation, whereas just 58 billion US Dollars worth of these tokens have been issued on the Tron (TRX) platform.
As a researcher, I am observing that the recently introduced TON-based USDT is gaining traction and appearing to be another popular variant of Tether’s USD stablecoin for everyday transactions.
As a researcher, I find it intriguing that within just under a year, USDT on the TON blockchain has managed to surpass Solana’s stablecoin in terms of market size, becoming the third-largest variant of USDT. This rapid growth is noteworthy and underscores the potential of this new platform.
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2025-01-10 18:52