USDT Demand On Tron Increases As Market Capitalization Closes In On $20 billion
There are some apparent signs that Tether’s demand has incredibly increased over the year on Tron. The US-backed stablecoin has a steady demand for blockchain technology based on recent statistics. This information was revealed by the founder, Justin Sun, on Twitter, explaining that Tethers on the Tron blockchain has surpassed six billion on the popular blockchain system. There are also some indications that the increased market capitalization to up to $20 billion has aided the numbers of USDT coins in circulation.
Demand for stablecoins has increased over the years
Tether based transactions on Tron has almost reached 27 million, with nearly 1,500,000 Tron wallets with the stablecoin. There have been several USDT in circulation, and a total supply of 1,645,511,427 tethers on Tron is equally in circulation. Tronscan revealed these statistics recently with current details of USDT on the Tron network. Tether also boasts of over 5 billion of its stablecoin on the Tron blockchain.
Information reaching the public revealed an increase in demand on Ethereum, with recent transfers of one billion TRC-20 to the second most popular cryptocurrency platform. There has been a recent surge in requests for those coins on the decentralized financial marketplace.
Tether has also steadily supplied USDT to the Tron work, which the supply increased by up to 500% compared to the pool last year. Even recently, this year, only a little over 900 million USDT were in the blockchain system, with only over 31,000 addresses holding the stablecoins in their wallets.
The market rally has changed things for USDT in terms of demand due to the increased demand volume over the past few months. Tracking websites like Coingecko have statistics of USDT getting very close to $20 billion in market value. The steady demand has increased its strength in the digital assets industry.
USDT remains dominant in the crypto market
Tether, being the fourth largest digital currency, has had an increase in demand since recently, where the market valuation has helped it claim the position. The stablecoin dominates its industry, with claims that the US dollars have helped it retain its position. The coin’s closest competition is miles away from its market value. The second-largest stablecoin is valued almost at $3 billion, having a large market itself, equally backed by the USD.
Skew, a crypto analyst group, explained Tether’s previous valuation is only $2 billion in total but acknowledged its steady rise since September. Different platforms have an individual valuation for the crypto. Coinmarketcap, a popular exchange platform, revealed that the coin is valued at around $19.413 billion. In comparison, Messari posted a similar figure with $19.97 billion in value, and Coingecko valued the stablecoin at around $19.398 billion.
Although founders claim the USD backs the coin, some crypto enthusiasts argued against their opinion, utterly rejecting the claim. Despite the criticism, the Tether is still the most demanded stablecoin on the space backed by a real currency.
Crypto analysts predict that the USD-backed cryptocurrency will continue to thrive despite several controversies surrounding the claims. The September market rally helped strengthen the coin in the competitive digital asset space.
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