Tron Takes On Ethereum Heels For Usdt Issued

The TRON network strengthens its presence in the stablecoin market. This is evidenced by data from Coin Metrics.

According to published research results, the TRON network holds 21 billion USDT coins, while the Ethereum network holds 23.4 billion.

At the time of writing the material on the Ethereum network accounts for about 52.7% of the total supply. However, despite the similar volumes, the use of USDT based on Ethereum and TRON is fundamentally different.

For example, USDT based on the ERC-20 standard is used for large transfers. In the case of USDT on TRC-20, stablecoin is used for small transactions.

Thus, the average size of a USDT transfer on the TRON network is ~ $ 263. Ethereum has this figure 5.5 times more – $ 1498.

This gap is due to the different fees on the TRON network compared to Ethereum. Despite the fact that the commission on the Ethereum network has halved, it is still prohibitively high compared to TRON ($ 15.4 versus $ 0).

TRON is increasing its on-chain activity

Also, the TRON network has overtaken Ethereum in the number of daily active addresses. As of April 11, the TRON network had 262.54 thousand active addresses, compared to 89.65 thousand for Ethereum.

At the same time, the share of tether (USDT) in the stablecoin market has reached a minimum. March numbers dipped below October 2020, when USDT was in the midst of litigation with New York authorities. Another stablecoin gained the most from this – USD coin (USDC), whose capitalization came close to the $ 9 billion mark.

However, despite the loss of market share, USDT remains the largest stablecoin in terms of market capitalization.