As a sign of growing adoption for cryptocurrencies, Tether’s USDT stablecoin, transacting on the Tron blockchain, has achieved a significant milestone. According to market intelligence firm Lookonchain, USDT on Tron reached a 24-hour trading volume of $53 billion earlier this week, exceeding the average daily trading volume of payments giant Visa, which sits at $42 billion.
This news comes on the heels of Tether announcing a new gold-backed stablecoin, aUSDT, further diversifying its offerings. The implications are significant. It suggests a growing appetite for stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, and potentially a shift in how value is transferred.
“The 24-hour trading volume of USDT on Tron Network is $53 billion, exceeding Visa’s average daily trading volume,” Lookonchain stated, referencing Visa’s Q1 2024 figures. This single day’s volume on Tron surpasses the average daily volume processed by Visa, a well-established leader in global payments.
The data also highlights increased activity on the Tron network. Lookonchain’s report indicates that over 2 million USDT transfers occurred within the same 24-hour period, reflecting a 5.14% increase. This surge in activity suggests growing confidence in Tron as a platform for stablecoin transactions.
Tether’s expansion into gold-backed stablecoins further underscores the evolving landscape. USDT leverages physical gold reserves in Switzerland, offering an alternative to the dollar-pegged USDT. As Tether CEO Paolo Ardoino noted, “This innovative solution marks an exciting milestone,” potentially influencing how the broader market interacts with stablecoins.
While the long-term impact on traditional payment systems remains to be seen, this development signifies a maturing cryptocurrency ecosystem. With stablecoins offering a bridge between traditional and digital finance, and platforms like Tron facilitating transactions, the future of value transfer could be undergoing a fascinating transformation.