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USDT in Tron reaches $23.9 billion compared to $23.3 billion in Ethereum

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Justin Sun
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  • Tron, the blockchain brainchild of Justin Sun, has reached a significant milestone in its history by overtaking Ethereum to achieve the largest USDT circulation
  • Possible reasons for the TRC-20 standard trumping over the ERC-20 includes the high gas fees in Ethereum
  • This milestone came approximate two years after TRON partnered with Tether

As cryptos were gaining popularity in the late 2019s, several amateur investors looked for ways to invest in the new phenomenon without exposing themselves to significant volatility risks. The best option for them seemed to be investing in stablecoins, particularly Tether (USDT) – a cryptocurrency whose price is pegged to the US dollar. Early Tether circulations were carried out on the Ethereum chain using the ERC-20 standard, but high transaction costs made Tether diversify into the Tron chain. Tron has the most increased overall circulation of Tether, as revealed by Tether on its transparency page.

Justin Sun tweets the breakthrough

The founder and CEO of the Tron blockchain, Justin Sun, took to Twitter to express his excitement and satisfaction over the breakthrough. He tweeted that after 729 days, the Tether in Tron, which is $23.9 billion, has overtaken the Tether in Ethereum, which is currently at $23.3 billion only. With the total market cap of USDT capped at about $47 billion, Tron can now boast of its native TRC-20 standard covering more than half of the total circulation. Sun has termed this as a “historic moment” for the people working on the project and the Tron blockchain itself at large.

Tron USDT transactions maintain the high ground

Tether is also continuously diversifying its standards to other blockchains, including OMNI, Solana, EOS, and Liquid. However, Tron maintains the lead when it comes to USDT token transactions. According to a Coinmetrics survey, in early January 2021, TRC-20 overtook the ERC-20 transactions by volume, peaking somewhere in March at about 800,000 transactions per day. The dip in ERC-20 transactions is mainly attributed to the high gas costs in the Ethereum chain. It is also significant to note that ERC-20 transactions are not holding steady but rather declining at a gradual pace.

With these current happenings, it is safe to assume that Tron has a firm lead over Ethereum regarding UDST transactions and circulation.

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