Tether (USDT) has reached a new milestone, recording 18 million transactions per week on Ethereum Virtual Machine (EVM) chains. Of these transactions, 78% occur on the Tron network, which also manages 84% of all USDT addresses.
For the first half of 2024, Tether reported a significant profit of $5.2 billion and maintains over 70% of the market share.
Tether Hits Record 18M Weekly Transactions on EVM Chains
Tether (USDT), the largest stablecoin, has achieved a remarkable milestone by recording over 18 million weekly transactions on Ethereum Virtual Machine (EVM) chains, as noted by analytics platform IntoTheBlock. The data shows a consistent upward trend in USDT transactions over the years, culminating in this new high.
A significant portion of these transactions, 78%, is taking place on the Tron (TRX) blockchain. This positions Tron as the leading platform for USDT transfers, surpassing other EVM-compatible chains.
Additionally, the report reveals that there are currently 48 million addresses holding USDT on Tron, with 84% of these being Tron-based. This underscores Tron’s growing importance in facilitating USD accessibility through Tether.
Tether (USDT) Sets Transaction Record and Reports Strong Profits
Tether (USDT) has achieved a record-breaking 18 million weekly transactions this year, coinciding with its parent company’s impressive financial performance. Tether reported a substantial $5.2 billion profit for the first half of 2024, with a net operating return of $1.3 billion in Q2. This follows an exceptional return of $4.52 billion in Q1 amid a bull market.
Despite a broader market downturn, USDT has demonstrated consistent growth, reaching new highs in July. The stablecoin is approaching a significant milestone of $120 billion in market capitalization and has achieved an all-time low in volatility throughout the month.
USDT maintains a dominant position in the market, holding over 70% of the market share throughout 2024, reflecting its continued stability and influence in the crypto space.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
