Over the past week, the Tron network saw massive inflows of more than $1 billion on March 12 and $917.49 million on March 17, according to DeFillama data.
Tether USDT dominates TRON
Tether USDT dominates 94.36% of the total stablecoins on Tron. USDT has a market cap of 39.26 billion after having risen 8.26% in the last 30 days.
The high-flying TrueUSD (TUSD) stablecoin has grown its supply massively over the past week. According to DeFillama data, TUSD supply increased by 118% to $1.31 billion – making it the second largest stablecoin on the network.
Meanwhile, TUSD’s total stablecoin supply recently crossed the $2 billion mark. Stablecoin is one of the biggest winners from the recent troubles plaguing rivals such as Binance USD (BUSD) and USD Coin (USDC).
The Tron-based algorithmic stablecoin USDD is the third prominent stablecoin on the network. USDD has a market cap of $534.01 million after rising 5% in the past month.
On the other hand, USDC’s recent untying significantly affected its supply on the Tron network. The Circle-issued stablecoin fell about 60% in the last 30 days to $440.5 million. Other stablecoins on the network include USDJ and HUSD.
Justin Sun Eyes $60 billion
Tron founder Justin Sun said the blockchain network wants to grow its stablecoin market cap to $60 billion by the end of the year.
In a March 17 Twitter thread, Sun said the blockchain was working to improve its infrastructure to achieve this growth. According to him, the network is “innovative” so that users can have a “secure, reliable and efficient platform to carry out their transactions.”
Speaking about the current issues confounding the industry, Sun noted that the crypto market has had its fair share of challenges in the current year. But his team is committed to cultivating the five stablecoins on their network.
“Despite the challenges ahead, we are excited to play our part in nurturing the global stablecoin market, contributing to the development of DeFi and shaping the future of finance,” he added.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at his own risk.