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TRON reaches $587.2B USDT transfer volume in November

TRON reaches $587.2B USDT transfer volume in November

GrafaGrafa2024/12/18 02:20
By:Mahathir Bayena

The TRON (CRYPTO:TRX) blockchain recorded a historic milestone in November 2024, processing $587.2 billion in USDT (CRYPTO:USDT) transfers, an all-time high.

This marks a significant leap from $424.4 billion in September and $489.3 billion in October, reflecting growing global demand for stablecoins.

According to CryptoQuant analyst Maartunn, TRON’s USDT transfer volume has steadily risen over the years.

From just $73.8 million in July 2019, the network hit $287.1 billion in May 2021 and $462.6 billion in March 2024.

While mid-2024 saw temporary declines, activity rebounded sharply from September, culminating in November’s record-breaking performance.

TRON’s efficiency appears to be a driving factor behind its growing stablecoin activity.

Its low transaction fees, fast processing speeds, and affordable remittance services make it an attractive option for users, particularly for cross-border transfers.

The increase in USDT transfers has positively influenced TRON’s native token, TRX.

Over the past year, TRX has gained over 160%, significantly outpacing the broader crypto market.

Data from CoinGecko shows the token recently traded at $0.2912, up 3.3% in 24 hours, with a weekly gain of 10.7%, surpassing the 9.1% average market growth.

Despite TRON’s dominance in USDT transfer volume, Ethereum (CRYPTO:ETH) remains a strong competitor.

Recent Tether data reveals $20 billion in new USDT minted on Ethereum, potentially propelling its supply to $1 trillion by 2025.

Analysts highlight Ethereum’s role as a trusted institutional-grade blockchain, offering scalability and reliability.

Meanwhile, other stablecoins, such as USDC, are expanding their reach.

A recent partnership between Circle and Binance aims to boost USDC adoption globally, positioning it as a key player alongside USDT in the growing stablecoin market.

At the time of reporting, the price of TRON (TRX) was $0.2796, and the price of Tether (USDT) was $0.9997.

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