Average daily trading volume for the stablecoin Tether (USDT) on the Tron (TRX) blockchain has surpassed that of credit card giant Visa, according to new data.
Market intelligence firm Lookonchain said in a new post on social media platform Visa stayed at $42 billion.
“USDT 24-hour trading volume on the Tron network is $53 billion, exceeding Visa’s average daily trading volume. In the first quarter of 2024, Visa transaction volume was $3.78 trillion, with average daily transaction volume of $42 billion.”
According to a chart from Lookonchain, in the same 24-hour period, USDT recorded over 2 million transfers, up 5.14% on the day.
Earlier this month, Tether announced the launch of a new gold-backed stablecoin with excess collateral reserves. Known as USDT, this digital asset is backed by Tether Gold (XAUT). This means it is backed by physical gold storage in Switzerland.
At the time, Tether CEO Paolo Ardoino said:
“While the stabilization mechanism is different from existing options like USDT, this innovative solution represents an exciting milestone and we eagerly look forward to seeing how it will interact with the rest of the market.
Additionally, we plan to make this innovative technology available on our upcoming digital asset tokenization platform as well.”
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