Tether’s USDT has experienced a massive growth in popularity on TRON, according to data from CryptoQuant.
According to the data from CryptoQuant, transfers worth $424 billion in USDT were carried out on the network in September 2024. The report revealed that it is the highest ever amount recorded for the stablecoin in the slave of a month.
USDT records steady growth since 2019
The popularity and usage of USDT on the TRON network have grown rapidly since its integration in 2019. In the CryptoQuant data, transfers were hovering around $73 million in the first few months that it launched on the network.
Fast forward to last year, the figure had risen exponentially to about $304 billion. The largest data recorded is an increase of about 25% from last year’s figures.
CryptoQuant analyst Maartun mentioned that the popularity of stablecoins has grown in recent years. He noted that Tether remains the biggest stablecoin with a market cap of $119.94 billion, while also sitting on TRON, one of the most popular networks used for transactions.
Tether hits new milestone in user adoption
According to Tether’s report, its stablecoin is witnessing an impressive adoption rate across all supported blockchains. The report revealed that Tether had recorded 330 million on-chain wallets and accounts of USDT. The report clarified that the figure did not include off-chain users because their accounts were on centralized exchanges. Tether noted that those accounts would be around tens of millions.
USDT user growth has also been exponential, with the company seeing an average rise of 9% across all quarters. It notes that Q3 of this year was a very successful period, seeing about 36.25 million new users join the fray.
The TRON blockchain has become the go-to blockchain when it comes to USDT transactions. This is due to its efficiency in handling a high volume of transactions compared to other chains.
Even though the report notes that TRON has cemented its place as the leading network when it comes to USDT transactions, other networks are not too far behind. Over the last few months, Ethereum layer-2 networks like Polygon and Arbitrum have also recorded a meteoric rise.
Similarly, its launch on TON has also been commendable, registering a little above 3 million users in six months. According to data from CoinGecko, USDT is still leading the stablecoin market with its $119 billion market share. Circle is a close second, boasting $34.7 billion worth of market cap.
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