- The market circulation of major stablecoins is approximately $11.547 billion, and the market value continues to grow.
- The growth of the market value of stable currencies mainly comes from USDT and USDC.
- The additional issuance of USDT will increase the value carried by the public chain, and more people may use the public chain.
At present, the market circulation of major stablecoins is approximately $11.547 billion, and the market value continues to grow. In the past week, the market value of stablecoins has increased by about $264 million. he growth of the market value of stable currencies mainly comes from USDT and USDC, of which the growth of USDT comes from TRC20 USDT.
According to observations, since May 8 this year, the 13 additional issuances of USDT occurred in the Tron network. With a total of 1.48 billion additional tokens issued. The Omni protocol is implemented by tracking the lock script that begins with OP_RETURN in Bitcoin network transactions, for the convenience of the user.
Stablecoin Market is Booming
At the end of 2017, Tether issued USDT based on the ERC-20 protocol in the Ethereum network. With the increase of Bitcoin network transfer fees and the increase of Ethereum Dapp, ease of use reduced the ultimate pursuit of security, and the number of ERC20 USDT gradually exceeded Omni USDT.
In the past two years, USDT has been issued twice on Omni, totaling $550 million. On October 29, 2019, the circulation of ERC20 USDT exceeded that of Omni USDT for the first time.
We call this the first public chain transfer of USDT, which is the pursuit of the practicality of USDT. At present, the circulation of USDT on Omni, Eth, and Tron is 1.34 billion, 5.74 billion, and 2.88 billion US dollars, respectively.
Can the additional issuance of USDT bring value to the public chain?
The additional issuance of USDT will increase the value carried by the public chain, and more people may use the public chain. For this reason, on-chain transactions will become more frequent, and the number of DApp users on the chain may increase. At present, only TRC20 USDT is being issued, which has continued for more than a month.
As the USDT continues to increase in the Tron network, the number of daily transactions on the USDT chain in the Tron network has increased significantly. Thus, the additional issue of TRC20 USDT can indeed drive the use of the Tron network.
During the same period, the daily transactions of the entire Ethereum network increased by 5.6%, while the daily transactions of the Tron network increased by 15.5%.