- The Tron network has the most USDT addresses.
- TRX continued to trade at a loss.
Recent data shows that the Tron (TRX) network is leading in terms of USDT trading volume compared to other networks. In particular, USDT trading volume on the Tron network is surging significantly, with the total value locked reaching an all-time high.
Tron is leading in USDT addresses.
Data as of March 7th Into the Block It showed that the Tron network has established itself as the most dominant platform in terms of number of USDT holders and addresses.
According to statistics, the Tron network has 34.31 million holders, which is more than 10 times more than other networks. In comparison, the closest competitors, Ethereum and Polygon, have 4.89 million and 3.08 million holders, respectively.
Additionally, this achievement is especially impressive considering that the Tron network faced difficulties in late February following Circle’s announcement.
On February 20th, Circle declared that USD Coin (USDC) would no longer be supported on the Tron blockchain. Circle stated that it will continue to support USDC transfers to other blockchains until February 2025 for Circle Mint business customers.
However, retail users and non-Circle customers were encouraged to migrate their Tron-based USDC to exchanges to move to blockchain networks where USDC will continue to be supported. This decision was driven by Circle’s risk management framework.
Tron’s stablecoin market capitalization and TVL have reached historic highs.
A study by DefiLlama of Tron’s stablecoin market cap shows significant growth in recent months. At the time of this writing, the Tron network’s stablecoin market cap was nearly $53 billion.
This figure is especially noteworthy considering that Ethereum’s stablecoin market capitalization is approximately $74 billion. Chart studies show that this represents the highest trading volume in the network’s history.
Source: DefiLlama
Additionally, the Total Value Locked (TVL) of the Tron network has risen noticeably recently.
At the time of this writing, TVL is worth nearly $10 billion. A close analysis of the TVL charts revealed that this marked the highest trading volume recorded on the network since its inception.
How much is 1,10,100 TRX worth now?
TRX fails to follow momentum
Despite the favorable trends observed on the Tron network, its native token TRX has failed to reflect the same positive momentum. A closer analysis of the TRX chart shows an upward trend on most days of February. However, it had difficulty exceeding $0.1.
Moreover, the chart shows a series of declines for most of March, including a closing loss on March 7, and continues to trade in the red at the time of this writing.
Source: Santiment