The amount of Tether on the Tron blockchain exceeded the amount of USDT on the Ethereum blockchain for the first time.
Link to the throne
According to reports, the total market capitalization of stablecoin on the Tron blockchain was $ 24 billion. The amount of USDT on Ethereum is $ 23.4 billion. This jump in transaction volume was largely due to low fees on the Tron blockchain.
Finally! After 729 days of efforts, the USDT continues #THRONE (23.9B) has surpassed the USDT on #Ethereum (23.4B). It’s a historic moment.
– Justin Sun🌞 (@justinsuntron) April 14, 2021
In recent times, Ethereum blockchain has had to deal with high transaction fees that have driven many users away. Developers of the second largest cryptocurrency by market value have tried to solve this problem by implementing various EIPs in their upcoming hard forks. However, the network is gradually losing its dominance to close competitors such as Binance Smart Chain and Tron.
Justin Sun, CEO and founder of Tron and BitTorrent, says he expects the popularity of USDT stablecoins to grow over time. Quotes it verbatim and said:
The popularity and adoption of cryptocurrencies and blockchains continues to grow, and we expect the USDT to continue to explode in popularity.
Sun also expressed optimism that its product would be the main protocol for global players:
By crossing this historic milestone, I can proudly say that Tron is well positioned to become the global invoicing level and blockchain protocol of the future.
What is USDT for?
Usually, most traders use USDT stablecoin to secure their winnings while trading. As the name suggests, it is less prone to market volatility and should always cost $ 1. Once upon a time, traders had no choice but to Ethereum. Now that the accusations are deadly, alternatives have begun to emerge.
It is worth noting that the USDT is also the most traded cryptocurrency asset in the world. Stablecoin beats its counterparts like Bitcoin, Ethereum and even the latest favorite of many enthusiasts – Dogecoin.
Before that, Tether struggled with criticism. Some felt that it was not 100% dollar-backed. The company recently published an audit issued by the auditing firm Moore Cayman. This shows that USDT stack coins fully support the reserves of Tether Holdings Limited.
Assurance Opinion confirms @Tether_toreserves reserved; Company shares as part of an ongoing commitment to transparency
Our statement: https://t.co/uWHQWBxIYg
Insurance opinion: https://t.co/MqJCsSk8uD
– Tether (@Tether_to) March 30, 2021
