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60% of the new Tether issued on the TRON network
60% of the new Tether issued on the TRON network
Stable Coin

60% of the new Tether issued on the TRON network

By Marco Cavicchioli - 5 May 2020

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60% of the newly created Tether has been recently released on the TRON network

This is what TRON founder Justin Sun points out, revealing that 58.76% of the new USDT tokens issued are on TRON, while 41.24% are on Ethereum. 

Checking the official Tether transparency page it turns out that the USDT on TRON have now far exceeded $1.2 billion, a figure very close to the $1.3 billion of USDT still abundant on Omni. 

Omni is the first blockchain on which USDT tokens were issued and is based on Bitcoin, while by now most USDT tokens run on Ethereum. Indeed, there are over 5.6 billion ERC-20 USDT tokens in circulation. 

As a result, most of the 7.9 billion USDT tokens created are currently on Ethereum (more than 70%), while there are still 1.3 billion on Omni (16%). However, no new USDT are created on Omni, so the new issuances take place mainly on Ethereum and TRON. 

The fact that more than 5.6 billion have already been issued on Ethereum explains why the majority of the last issuances have taken place on TRON. 

Currently, 15% of the USDT tokens issued are now on TRON, while the remaining ones are on Liquid (0.2%), on EOS (0.06%) and on Algorand (0.01%). 

USDT is also establishing itself as a reference stablecoin in dApps, partly also in the DeFi world, and this is probably why there is a demand for USDT tokens in TRC-20 format.

USDT is by far the most used stablecoin in the world, so much so that its market capitalization has exceeded by a factor of 10 times that of the second most popular stablecoin anchored to the US dollar, USDC, created and managed in collaboration with Coinbase. Moreover, compared to DAI, the reference stablecoin for the DeFi world, USDT has a market capitalization of almost eighty times higher, which gives USDT a distinctly dominant role in the stablecoin market. 

There are no other TRC-20 stablecoins that can really compete with USDT, which is thus establishing itself as the reference stablecoin on TRON. This justifies the significant growth in the spread of its TRC-20 token. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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