The U.S. dollar-pegged stablecoin issued by Tether on the TRON blockchain had been one of the top choices when it comes to Tether transactions in the market and over the past year, the demand for TRC20-USDT continued to increase over the past months of this year and made it one of the preferred stablecoins on the TRON blockchain.
📈#TRC20USDT Claims Stablecoin Supremacy once again over Ethereum. TRC20-USDT is the Top choice for hundreds of millions of users!
😎A big milestone in Q1! pic.twitter.com/0bXg2NFRmN
— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) March 23, 2022
For the first quarter of 2022, the TRC20-USDT already reached another milestone as the total circulation amount of the TRON-based USDT on the network already exceeded 40.7 Billion and claims to be the top choice when it comes to Tether transactions.
Just the previous week alone, the average daily transfer on the TRON network of the big-four stablecoins which includes the TRC20-USDT already reached a whopping $5,830,308,344 and it has one of the biggest shares when it comes to the total number of active addresses for TRC20-USDT.
What is TRC20-USDT?
USDT (TRC-20) is a U.S. dollar-pegged stablecoin issued by Tether on the TRON blockchain and it is one of the most popular coins asides from BTCTRON, ETHTRON, and TRC20-TUSD. It also uses a TRON address for deposits and withdrawals which takes place on the TRON blockchain.
The token is tied to the USD on a 1:1 ratio, which makes it a lot less volatile than other cryptocurrencies.
TRC20-USDT is the most circulated stablecoin with an impressive number of transactions daily and it has almost 40 billion in circulating supply with over millions of unique addresses.
What is Tether?
Tether is a blockchain-based cryptocurrency issued by Tether Limited and was created in October 2014. It is known to be the digital dollar in the cryptocurrency space and it is a U.S. dollar-pegged stablecoin with a 1:1 ratio (1 USD = 1 USDT).
Tether USDt tokens are built on multiple blockchains—offering easy integration and adoption. Here is a brief overview of tether tokens on the various protocols. For more information visit https://t.co/JYeeU1I3a1 pic.twitter.com/oP9IOH0EOT
— Tether (@Tether_to) February 1, 2022
Currently, it ranks 3rd in the cryptocurrency ranking with an 80.88B USD circulating supply and since it’s pegged to the USD which makes it more unique compared to other cryptocurrencies, the demand for USDT transactions has already increased since it is first launched.
The Swiss city of Lugano, recently made Bitcoin and Tether a legal tender on their city. Lugano’s history of absorbing technological innovations, drove the decision to declare cryptocurrencies legal tender as per Michele Foletti, mayor of the City of Lugano.
Tether is currently live on the Algorand, EOS, Ethereum, Liquid Network, Omni, and TRON.
For more news and updates, see Tron Spark.