TRON’s TRC20 version of Tether (USDT) is gaining additional traction because of high gas fees on Ethereum.
The number of wallets holding USDT on TRON presently stands at one.8 million.
TRON steps up as Ethereum stumbles
When Tether moved majority of its stablecoin issuance from Omni blockchain to Ethereum it was seen as unrealistic . Low cost at the time was Ethereum . Having faster block times of 15 seconds, meant quicker transactions.
Why Tether is inexorably tied to TRON
Few months ago, the DeFi explosion focused around Ethereum has proved a blessing and a curse. For standard traders, making an attempt to execute token swaps, send funds to centralized exchanges, it has been a curse. Gas now runs into the many gwei, causing onchain transactions to surge past $100.
TRON’s bigger outturn and low fee environs have made it suitable to host stablecoins. USDT’s $28 billion market cap places alternative stables within the shade – to not mention alternative cryptos except BTC and ETH. Today, a big portion of Tether’s $200B+ daily volume happens on TRON, as seen by inspecting onchain knowledge sources.
TRON is punching higher than its weight
The number of wallets holding USDT on Ethereum presently stands at 2.4 million.