- USDC Tron Blockchain, in just a matter of two days has surpassed $100 million mark.
- Cryptocurrency merchants are increasingly turning to blockchains that offer lower transaction fees
- USDC is a stablecoin that is pegged one-to-one to the US dollar, with each token redeemable for an equal number of dollars
USDC on Tron Blockchain surpasses $100M 2 days after public offering
USDC supply of USDC on Tron blockchain has surpassed 108 million in less than a month. USDC’s growth is one sign that traders are turning to blockchains with faster transaction fees with faster speed than those found on Ether. A dollar-pegged stablecoin, USDC is pegged 1-to-1 to the U.S. dollar, with each token redeemable for an equal number of greenbacks. Nearly all of the supply on the Tron is concentrated in the top 10 addresses, says an analyst. There are more tether on the network than on Ether than on the blockchain of ether, as traders favor blockchains that provide faster and cheaper transactions.
USDC to expand to 10 more blockchains; launches on Tron
USD Coin will be launched on 10 other blockchains, according to Centre. Centre consortium behind the issuance of USDC has not released the asset. This would expand USDC’s reach to other environments and could make it more popular. It is being released on Tron, the largest-ever-scale digital currency on the internet, today.
Circle, the crypto-native financial services firm behind the dollar-pegged stablecoin, announced support for USDC on Tron just a day before the achievement. According to Circle’s website, one of the stated goals of doing so is to enable [USDC] growth in Asia and around the world. The first USDC transfer on Tron was on June 11, according to blockchain data. USDC is a stablecoin that is pegged one-to-one to the US dollar, with each token redeemable for the same amount of dollars.
TRON is a next-generation blockchain with ultra-fast transaction speeds, low transaction fees, and scalability. The TRON ecosystem is already significant, with over 2 billion transactions and hundreds of thousands of smart contracts built on top of it. The TRON community will benefit from the ability to use USDC, the world’s fastest-growing, regulated dollar digital currency. TRON is now supported by USDC in Circle Account, the company’s global business account for digital currency. Circle customers can convert, mint, and redeem USDC in TRON, as well as pay and settle with TRON. The USDC for TRON support has been added to all of Circle’s developer APIs.
According to a press release from Circle, supporting USDC on multiple blockchains reinforces Circle’s commitment to growing the internet economy and creates network effects that will establish USDC as the standard means of value transfer across the internet. Justin Sun’s Tron blockchain has already gained traction due to the rapid growth of tether (USDT), the largest stablecoin by asset cap, on the network. Tron has more tether than Ethereum, the blockchain of ether (ETH), as traders prefer blockchains that provide faster and cheaper transactions.
TRC20 Powered USDC
The complete circulation of USDC on the TRON network surpasses 100 million. The TRON-TRX founder has been bragging for a long time regarding the development and launch. USDC powered by TRC20 took place by the near end of June 2021. This gathered immense attention all over the crypto industry. USDC-TRC20 is the most efficient and efficient way to distribute USDC and USDT. To date there have been 2.1 billion transactions in the use of both USDC, TRON, USDT, and TRON Foundation, leading to the USDC’s success in the crypto market. In addition, in the tweet they also said TRON to be the most versatile robust blockchain till date.
TrON is one of the largest and most popular blockchain networks in the world. USDC for TRON is now available to use within Circle Account, Circle’s global business account for digital currency. Circle now supports USDC across five blockchains: Ethergate, Algorand, Solana, Stellar, and TrON. The global financial tech firm is also a principal developer of USD Coin (USDC), which oversees the standards and protocol for what has become the fastest growing, regulated, fully reserved dollar digital currency, USDC. USDC now stands at more than 25 billion and supported over $700 billion in transactions over the past year..
Dollar Digital Currency USDC
Justin Sun’s Tron blockchain has already gained traction in the community for the rapid development of the largest stablecoin by asset cap, tether (USDT). According to the study, there are more tether on Tron than on Ethereum, the ether (ETH) blockchain, because merchants prefer blockchains that allow for faster and cheaper transactions. Despite the fact that tether is the most widely traded crypto asset, CoinGecko reports that USDC is rapidly gaining traction in decentralised finance (DeFi). Meanwhile, data from Glassnode indicates that nearly half of USDC supply is currently used in sensible contracts.
According to Ryan Watkins, research analyst at Messari, the major difference between how USDC is used on Ethereum and how it is used on Tron is that it is primarily used for inter-exchange transfers. He mentioned that almost all of the USDC on Tron is concentrated in the top ten addresses. Tether’s and now USDC’s growth on Tron could indicate that many exchanges are simply transferring stablecoins to Tron rather than Ethereum to avoid fees, according to Watkins. Justin Solar and Circle did not immediately respond to requests for feedback on USDC’s Tron improvement as of press time. When a response is received, the article will most likely be updated.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.