Home
News
- The Tron network is getting a massive boost as the number of circulating quantity of USDC on the Tron network has topped $620 million.
- TRX developers will be able to access the whole payment suite stored on Circlepay, Circle’s payment system.
- Developers will have additional space on the Tron network to construct relevant financial apps, thereby increasing the network’s worldwide reach.
The Tron network looks to be getting a big boost as the number of USDC on the TRX network grows. The circulating quantity of USDC on the TRX network has topped $620 million, according to the most recent data. That is a significant achievement for a stablecoin that has only been on the network for a few months.
Tron is going strong even after Justin Sun declared to resign
The Tron community has been worried since creator Justin Sun declared his desire to resign from the Tron Foundation and disband the foundation in 2022. Despite the recent market drop, TRX is still holding strong. To be fair, the entire crypto industry is now at a critical moment.
Tron USDC was announced by the CENTRE Consortium in July 2021, and its popularity has grown since then, with Circle promising its support for the Tron USDC.
About USDC
USDC Coin is a digital stablecoin that is supported by the US dollar.
Its purpose is to make transactions quicker and cheaper than traditional payments while decreasing the volatility associated with cryptocurrencies such as Bitcoin. USDC is managed by the Centre consortium, which was formed by Circle and includes members from the cryptocurrency exchange Coinbase and Circle investor, Bitcoin mining business Bitmain.
ALSO READ – JOE ROGAN IS OPTIMISTIC FOR CRYPTO
Circlepay Will Be Available to Developers
Circle, as previously said, is a finance company that focuses on delivering internet-based financial infrastructure and managing payments for and between organizations. The presence of the USDC stablecoin on the Tron network facilitates these payments.
As the quantity of USDC flowing on the network grows, TRX developers will be able to access the whole payment suite stored on Circlepay, Circle’s payment system. As a result, these developers will have additional space on the TRX network to construct relevant financial apps, thereby increasing the network’s worldwide reach.
TRON dominance in the market
It’s unknown how this rise in USDC on the Tron network would affect the market value of TRX, Tron’s native cryptocurrency. TRX is now trading at about $0.063, with a 24-hour value drop of 6.7 percent and a 7-day drop of 18.7 percent. This pattern may be seen in other cryptos in the bigger market as well.
Increased availability of USDC on the Tron network means an increased activity involving the stablecoin. This is supported by over 300,000 addresses and transfers at a rate of up to 450,000 transactions per second. However, only time will tell how this new development influences the price of TRX.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
