Tether (USDT) continues to play a significant role in the cryptocurrency market. In September, over $424 billion worth of USDT was transferred on the TRON network. This marks one of the highest monthly transfer amounts ever recorded. According to CryptoQuant, this surge highlights the growing popularity of stablecoins.
USDT Transactions on TRON Continue to Grow Since 2019, Reaching $304B Last Year
Stablecoins today are dominated by Tether, which has a market capitalization of $119.75 billion. It has now become one of the most valuable tools for crypto traders and investors. While it may not be in the lime light as the other cryptocurrencies such as the bitcoin, the USDT is popularly used in transactions and transfers. TRON as a decentralized network has become one of the most preferred platforms for sending USDT.
The number of USDT transactions on the TRON has been steadily rising since the network adopted Tether in 2019. At first, monthly remittances were small, reaching $73 million. But the flow has grown in recent years and that is why it is important to assess the volume of the flow. Such transfers were rising monthly to $ 304 billion a year ago, which demonstrated great progress.
Tether and Stablecoins Continue to Thrive
According to this year data, the number of USDT transfers on TRON has increased by 25% compared to the previous year. These statistics clearly prove that the use of stablecoins such as Tether is far from stagnation in its growth.
The increasing popularity, as reported by CryptoQuant, of Tether and other stablecoins is indication of the overall trends in the cryptocurrency world. Stablecoins are being used by traders more and more due to their stability in regards to other currencies. In the developing ecosystem, stablecoins, such as the USDT, will continue to act as an integral part of the digital financial business.
Source: https://blockchainreporter.net/usdt-transfers-on-tron-network-hit-424b-in-september/