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News- Tether volume as TRC-20 tokens has hit a new milestone with more than 30 billion tokens
- TRON is dominating with more than 50% of the total Tether supply in circulation
- Besides Ethereum congestion issues, USDT is still one of the most used tokens on DeFi platforms
Tether is one of the immense stablecoins in terms of market capitalization as per CoinMarketCap. The stablecoin is pegged with the value of the government-issued United States dollar. Notably, in May, the firm issued 30 billion USDT tokens on the Tron blockchain platform. At the time, it was considered that it was the first time ever such stablecoins were issued on any chain. Moreover, Justin Sun, the creator of the Tron network, congratulated the community for achieving such a milestone. Simultaneously, it has been revealed that more billion USDT tokens have recently been replenished on the Tron blockchain.
Tron carries more than 50% of Tether circulation
Tether is one of the most successful stablecoins with soaring transaction volumes. It has been reportedly revealed that the blockchain network has hit a new milestone by reaching a volume of 30 billion USDT issued on the TRON blockchain. The USD pegged digital currency has been issued as TRC-20 tokens.
Notably, a recent transparency report published by the firm behind the stable crypto tokens revealed that almost 60 billion USDT had been issued. Among the total supply circulation, it is observed that TRON is alone dominating the chain, with the tokens having more than 50% of the entire supply on top of it.
Share of USDT among different blockchains
Paolo Ardoino stated that a billion USDT tokens had been replenished on the TRON blockchain earlier this month. He also highlighted that the transaction is an authorized one rather than an issued one. Indeed, the amount will be used as inventory for the next period issuance requests and chain swaps. Hence, there are currently about 60 billion USDT issued on the TRON chain.
On the other hand, Ethereum is second on our list with approximately more than 27 billion stablecoin as the ERC-20 tokens. In contrast, the Bitcoin-based protocol, Omni, still has more than a billion USDT tokens issued on top of it.
USDT is one of the most used tokens in DeFi
On the TRON chain, Tether was issued a couple of years ago but failed to gain fame. However, the stablecoin took some of the market valuations from its ETH counterpart, and the factor helped the coin gain traction among TRON users. Notably, this year, ETH began to face congestion issues. Still, USDT remains one of the most used cryptocurrencies on the decentralized finance (DeFi) platform.
It is also noteworthy that USDT has gone multi-chain since a long time ago. However, several blockchains are yet to pick up steam. Ultimately, it is observed that the issuance of the stablecoin has ramped up since the bull market cycle began. Indeed, the circulating supply of Tether has surged by more than 200% since the beginning of this year.
