TRON Outperforms Top Blockchains in USDT Transactions

Justin Sun's Tron Network is currently leading other blockchains in Tether (USDT) transactions ranging from $1 to $10,000. This notable performance demonstrates Tron blockchain's increasing use for business payments.

Justin Sun’s Tron blockchain is currently leading Solana, Binance Coin, Polygon, and Ethereum in Tether (USDT) transactions ranging from $1 to $10,000, highlighting its increasing use for business payments.

According to a chart from Dune Analytics, Tron has outperformed Solana, Binance Coin, Polygon, and Ethereum in USDT transactions. The chart specifically focuses on $1 to $10,000 transactions between January 2021 and July 2024.

As shown in the data, Tron’s USDT transactions rose dramatically Year-Over-Year (YoY) in the observed three-year period. This performance can be attributed to the increasing adoption of Tron by businesses for making payments.

The stablecoin, pegged to the US dollar, has become a popular choice to make payments among Tron customers. The popularity of the Tron network can be credited to its unique characteristics, such as lower fees and instant settlement, which are crucial for businesses. Users entering the crypto space also prefer the blockchain with the cheapest fees and highest liquidity to preserve their savings.

Furthermore, Tron is also leading in the broader stablecoin ecosystem, largely due to activities in emerging markets. According to data from Allium, a Web3 data provider, 38.6% of all stablecoin addresses used during the last 30 days belonged to USDT on Tron wallets.

The presence of emerging markets in Tron’s USDT transactions is also evident in the transaction size. While stablecoin volume on Ethereum consisted mostly of large transactions (above $100,000), Tron’s network had smaller transactions, indicating a higher volume of small-scale payments.

Recognizing that blockchain payments have little value if limited to large transactions, Tron aims to give blockchain users in developing countries an equal opportunity to perform businesses seamlessly.

In the traditional market, USDT transactions on Tron have threatened to dethrone Visa in global digital payments. As covered in our earlier report, Tron surpassed Visa in terms of daily trading volume. While Tron recorded a USDT volume of $53 billion, Visa came behind with $42 million.

Meanwhile, Tron recently became the first blockchain to have a single stablecoin issuance that exceeds $60 billion. According to our previous report, the issuance of TRC20-USDT had reached 59.8 billion tokens, with over 1.79 billion recorded transfers.

To enhance the seamless adoption of digital assets, the Tron network supports multichain Web3 development. Top Web3 projects that use Tron include the JustLend lending protocol, JustStables CDP, SUN DEX, and Bridgers DEX.

Several crypto exchange platforms have opened support for USDT transactions on the Tron network due to their increasing adoption. For instance, Upbit Global, a Singaporean-based crypto exchange, recently introduced USDT support on the Tron network, with no withdrawal fees.

HashKey Global has also joined the effort with a recent announcement for USDT offerings on Tron. Through these moves, these platforms solidify their position in the global crypto space.

Amid these developments, TRX, the native token of Tron, continues to see an uptick in its price. In the past day, the TRX token experienced a 0.6% increase, to trade at $0.137. The market also increased to $11.9 billion, while the trading volume declined by 8% to $260 million.