Tron has grown to become the second largest blockchain in stablecoin market share, behind Ethereum.
According to data from Coin Metrics Network, Tron’s stablecoin supply is now $61.1 billion, accounting for 37.9% of the total stablecoin market share, which is currently at $161.1 billion. This is a significant increase from the $46.6 billion supply a year ago.
Tron lags behind the Ethereum network, which accounts for 55.7% of the total stablecoin market supply, at $89.7 billion.
The increase in Tron’s stablecoin supply is consistent with its previous volume growth, which has increased by 5.1% over the past 30 days and 158% since the beginning of the year, reaching $58.75 billion. Other chains such as Ethereum and BNB Chain have seen volume increases of 103% and 46.5% since the beginning of the year, respectively. Solana’s stablecoin previous volume has decreased by 75% over the same period.
Tron’s dominance is evidenced by the daily total stablecoin transfer volume on August 15, which reached $17.4 billion, far outpacing Solana’s $6.4 billion and BNB Chain’s $1.6 billion on the same day.
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Moreover, the $17.4 billion worth of stablecoins transferred from Tron on August 15 is 222% more than the $5.4 billion worth of stablecoins transferred on August 15, 2023.
In addition to stablecoin trading volumes, decentralized finance (DeFi) activity on Tron has also increased, with the total locked value reaching an all-time high of $10.55 billion on March 14, 2024 (according to data from DefiLlama). TVL has increased by 12% since August 5, reaching a current value of $7.617 billion.
This is also evidenced by the increase in on-chain revenue that Tron has seen over the past year, which has seen a significant increase.
The Tron network’s daily revenue has increased by 27% this year, reaching $1.5 million as of August 16.
During the same period, the daily trading volume of Tron-based decentralized applications increased by more than 672%, from $4.61 million to $35.57 million.
The price of Tron’s native token, TRX, has also risen by over 80% over the past 12 months, trading at $0.133 at the time of issuance. The price of the Layer 1 token is now up 55% from its all-time high of $0.30 in January 2018.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.