Tron USDT has exceeded a market cap of $41 billion, making it the world’s largest stablecoin by circulating supply. The recent update was posted on the official Twitter handle of Tron DAO on Wednesday.
The Tron USDT, also known as TRC-20 USDT, now accounts for about 22% of the global stablecoin value. The cumulative market cap for Tether across all its networks is $83 billion, and Tron’s USDT currently claims about half of the total capitalization.
Statistics from Tronscan show that over 1.7 million different crypto accounts have transacted using the Tron USDT in the past week.
Tron USDT’s Competitive Advantage
The fees charged for using TRC-20 USDT on decentralized platforms for a million-dollar transaction can be as low as a few cents. Similarly, major decentralized exchanges like Binance and Kucoin charge as little as $1 for any transaction withdrawals when Tron’s USDT is utilized.
Unlike the TRC-20 USDT, transaction fees for Tether coins integrated on other networks like the ERC-20 and OMNI networks are usually high. The low costs on the Tron blockchain have attracted millions of users to the network.
Aside from its low fees, transactions done using the Tron USDT are usually fast and can be completed within a few seconds.
Just like other stablecoins, the TRC-20 USDT is pegged to the dollar and always maintains the same or similar value to the USD.
Twenty-one different reputable centralized exchanges have adopted Tron’s USDT. Binance, Bitfinex, Poloniex, and FTX exchange all utilize the stablecoin.
The TRC-20 USDT is widely used for transactions. The coin has also been used in DeFi and CeFi protocols for staking and yield farming in recent times. Stablecoins typically offer a greater APY than volatile coins. Tron’s USDT can currently be staked to generate 18% returns in one year on the KyberNetwork.