web3.0Tether (USDT) on Tron briefly surpasses the average daily trading volume of payments giant Visa over 24 hours last week.
Christoper Maurice, the founder of the African crypto fintech platform Yellow Card, said USDT on Tron was among the most popular uses of cryptocurrency
Tether (USDT) on Tron briefly surpassed the average daily trading volume of payments giant Visa over 24 hours last week.
According to data from Tron (TRX) block explorer TronScan — cited in a June 21 X post from blockchain analysis platform Lookonchain — USDT volumes on the Tron network notched a total trading volume of $53 billion, surpassing Visa’s average daily volume by $9 billion.
Cointelegraph
According to Lookonchain, Visa’s average daily trading volume in Q1 2024 was $42 billion. Christoper Maurice, the founder of the African crypto fintech platform Yellow Card, said USDT on Tron is among the most popular uses of cryptocurrency for users across Africa.
In a March 26 interview with Techopedia, Maurice explained that many Africans prefer to use U.S. Dollar-pegged stablecoins such as Tether on low-cost networks like Tron in a bid to protect their money from rampant domestic inflation.
He added that it was “little known” that USDT has far more liquidity on Tron than on larger blockchain networks like Ethereum.
The Justin Sun-linked Tron network is currently the 12th largest blockchain network by market capitalization, with a total value of just over $10.3 billion at the time of publication, according to CoinGecko data.
Despite witnessing multibillion-dollar volumes of USDT on its network, Tron has experienced difficulties with other stablecoin providers in recent months, including U.S.-based stablecoin issuer Circle.
On Feb. 21, Circle — the second-largest stablecoin issuer — dropped support for its USD Coin (USDC) on the Tron network, citing concerns with trust, transparency, and safety. On March 25, the international crypto exchange Binance followed suit and ceased deposit and withdrawal support for TRC-20-based USDC on its platform as well.
News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-usdt-tron-surpasses-average-daily-trading-volume-payments-giant-visa-hours-week.html
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