Tron’s price has experienced a three-day upward trend due to promising on-chain data, reaching a monthly high of $0.1185 on Friday. While other altcoins like Ether, Solana, and Pepe declined, Tron saw a significant increase of 7.65% from its lowest point this month.
TronScan reported a surge in the 24-hour trading volume of Tether (USDT) on the Tron network, surpassing $53 billion. This spike coincided with a rise in transfers to over 2.18 million and an increase in holders to over 45.32 million.
The number of USDT holders on Tron has shown a consistent upward trajectory in recent months. In 2023, this figure stood at over 25 million, compared to only 1.4 million in 2020.
Tron’s trading volume of USDT has surpassed that of Visa and Mastercard, the two largest payment processing companies globally. This data highlights Tron’s significance in the crypto industry, as Tether is the most influential stablecoin. Additionally, DeFi Llama data reveals that stablecoins on Tether’s platform have surged to over $58 billion, accounting for 51% of the total Tether supply.
Despite recent stagnation, Tether remains a popular stablecoin. In Latin America, it has even surpassed Bitcoin in popularity.
Further evidence of Tron’s success can be seen in the total value locked (TVL) in its DeFi ecosystem, which has reached over $8.13 billion. JustLend, JustStables, and SUN contribute significantly to this value.
Tron also ranks as the second most profitable player in the crypto industry, generating revenue of over $735 million this year, second only to Ethereum.
However, Tron faces potential challenges. In 2023, Justin Sun and others associated with Tron were charged by the Securities and Exchange Commission (SEC) for fraud and securities violations. The impact of this lawsuit on the Tron network remains uncertain. Additionally, Circle recently discontinued its support for USD Coin on Tron.