As a seasoned analyst with years of experience in the crypto market, I’ve witnessed numerous shifts and transformations. The recent development where Ethereum has overtaken Tron as the biggest blockchain for Tether stablecoin is an interesting turn of events.
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View Urgent ForecastOver the past week, there’s been a 10% rise in the amount of Tether (USDT) on the Ethereum blockchain, causing it to surpass Tron as the primary platform for this stablecoin.
At this moment, there’s approximately $60.3 billion in value of the U.S. dollar-linked stablecoin Tether (USDT) stored on the Ethereum network. This is contrasted by around $58.1 billion of it on Tron, according to DefiLlama’s latest data.
Over the past seven days, the quantity of USDT on the Tron network has decreased by about 1.5%. In contrast, Ethereum’s supply has risen by 9.3%, marking the first time since August 2022 that Ethereum has surpassed Tron in terms of volume.
The surge in USDT (Tether) stockpile, now standing at an unprecedented peak of $132.9 billion, might indicate a positive trend since these stablecoins play a crucial role in supporting trading activity and facilitating capital movement across the entire cryptocurrency market.
Financial institutions primarily rely on Ethereum as their preferred blockchain for tokenizing U.S. dollar-backed real-world assets, whereas Tron’s affordable fees and faster transaction speed have made it easy for people in countries with high inflation to hold stablecoins like USDT.
On November 21st, Ethereum regained the top spot, and by November 23rd, it pulled even more ahead of Tron. This was due to Tether issuing approximately $2 billion USD worth of tokens on Ethereum, as opposed to just $1 billion on Tron.
The top five blockchain networks, aside from Ethereum, hold a collective value of approximately $9.98 billion in Tether (USDT), with BNB Smart Chain, Arbitrum, and Avalanche having $4.58 billion, $3.09 billion, and $1.31 billion respectively.
Without a doubt, USDT stands as the globe’s most significant stablecoin, boasting a market cap of approximately $132.3 billion. USDC, issued by Circle, trails closely behind with a market capitalization of $39 billion, according to CoinGecko statistics.
In simpler terms, among the top five cryptocurrencies, USD Coin (USDC), Ethereum-pegged Stablecoin (USDE), and Dai (DAI) hold positions, each having a market value ranging from 5.3 billion dollars to 3.5 billion dollars.
On October 7th, Tether announced they had amassed a user base of 350 million people, which is approximately 4.2% of the Earth’s total population.
Ethereum also leads USDC dominance with $26.3 billion, or 67.5% of USDC’s market cap.
Consequently, Tron has not emerged as a serious rival to Ethereum in terms of USDC influence since Circle and Binance discontinued their support for USDC on the Tron network in February and March.
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2024-11-26 03:17