On April 23, the issuance of TRC 20-USDT increased to 70.7 billion, breaking the 70 billion mark for the first time in history, accounting for 48.6% of the total supply of USDT in the entire network. As one of the worlds largest stablecoins in circulation, the strong growth of TRC 20-USDT further consolidates TRONs leading position in the stablecoin field.
TRC 20-USDT is a stablecoin pegged to the US dollar issued by Tether based on the TRON network. Since its launch in April 2019, its circulation has continued to expand. Its issuance exceeded 10 billion for the first time in 2021, and the growth rate has accelerated year by year since then. Since the beginning of this year, nearly 11 billion TRC 20-USDT has been issued, of which 4 billion were issued in April alone, showing strong market demand. As of now, the number of TRC 20-USDT holding accounts exceeds 64.47 million, and the cumulative number of transfers has reached 2.458 billion.
The rapid growth of TRC 20-USDT is due to its widespread consensus and application around the world. Especially in emerging markets such as Brazil, Argentina, and Turkey, it has become one of the important ways for local users to make daily payments. In a recent survey covering nearly 2,000 African users, Web3 e-commerce platform Uquid found that 69% of respondents prefer to use USDT for shopping on the TRON network. Uquid pointed out that low transaction fees, second-level confirmation speed, and excellent stability make TRC 20-USDT promote the popularization of cryptocurrencies in the real world.
At present, TRC 20-USDT has been widely used in many real-world scenarios such as financial trust, fiat currency exchange, communication transfer, travel settlement and cross-border payment, and plays an important role in value circulation worldwide. More and more traditional mainstream platforms such as Telegram, Uquid and Pundi X have also integrated and supported the use of TRC 20-USDT. In addition, in 2022, TRON was officially designated as a national blockchain infrastructure by Dominica. TRC 20-USDT and other seven TRON-based tokens enjoy the same rights and interests as fiat currencies in the country, which also shows its wide acceptance and recognition as a mainstream stablecoin worldwide.
In fact, TRON has always regarded stablecoins as the most important part of the public chain ecosystem, and its layout and investment have been continuously expanding in the past few years. In March this year, JustLend DAO, the largest decentralized financial platform in the TRON ecosystem, supported the GasFree service, allowing users to directly use USDT to pay for Gas fees, which greatly lowered the threshold for use and significantly improved the user experience. The total market value of stablecoins on the TRON chain has reached US$71.2 billion, and a multi-stablecoin ecosystem consisting of USDT, TUSD, USDD, USDC, USDJ, CNH₮ and TCNH has been established.
Relying on the advantages of high throughput, scalability and high reliability of the underlying blockchain, and superimposed with a complete stablecoin ecosystem, TRON not only provides stable support for the increasingly active on-chain transactions, but also builds an efficient entry point for global users to enter the TRON ecosystem through stablecoins, significantly improving the financial inclusion capabilities on a global scale. As of now, the total number of TRON users has exceeded 300 million, and the total number of transactions has exceeded 10 billion times, continuing to provide global users with safe, convenient and stable blockchain infrastructure services.
With the mission of building a metaverse financial free port and promoting financial inclusion, TRON will continue to broaden the boundaries between blockchain and the real world, promote the widespread use of stablecoins around the world, and help build a more open and inclusive new global payment landscape.
