Tron's USDT volume in Q2 '24 hit $1.25T, nearly 1/3 of Visa's annual $15T, showcasing blockchain's rapid rise in global finance.
From $25.2B in Q2 '20 to $1.25T in Q2 '24, Tron's USDT growth reflects its rising dominance in the stablecoin market.
Tron launches SunPump amid surging USDT volumes, boosting on-chain activity and further challenging traditional finance.
Recent data from Token Terminal has highlighted a significant achievement for the Tron blockchain, showing a notable increase in the transfer volume of Tether (USDT). This surge underscores Tron's growing influence in the stablecoin market, with its USDT transfer volume in Q2 2024 reaching approximately one-third of Visa's annual settlement volume. This development signals a broader acceptance and integration of blockchain technology within global financial transactions.
https://twitter.com/tokenterminal/status/1823074373248417891 From Modest Beginnings to Major Market Player
The Tron blockchain has experienced an immense rise in USDT transfer volume over the previous four years. Starting with a transfer volume of $25.2 billion in Q2 2020, the number increased to $1.25 trillion in Q2 2024. This quick growth trend demonstrates Tron's growing trust and reliance on executing large financial transactions, notably stablecoins.
Tron's recent performance is particularly notable compared to that of traditional financial giants like Visa. In fiscal year 2023, Visa reported processing $15 trillion in transactions. The comparison of these volumes illustrates the significant ground blockchain technologies like Tron are gaining against established payment networks. This trend reflects a larger shift towards digital currencies in financial ecosystems worldwide.
Rising Transaction Counts and Network Expansion
Further insights from Dune Analytics reveal an upward trend in transaction counts on Tron, growing from about 3 million in early 2021 to over 15 million by August 2024. This increase demonstrates the rising use of USDT on Tron for large payments and points to broader adoption across different transaction sizes. Meanwhile, other networks like BNB have seen even sharper increases in transaction counts, though predominantly in smaller payment brackets.
In an announcement on X, Justin Sun revealed that Tron is launching a new meme coin season inspired by Solana's success in the meme coin market. The season will include the introduction of SunPump, which promises lower gas fees and strict rules to prevent unfair practices. This move is expected to boost on-chain activity and further increase the network's transaction volume.
Tron's native token, TRX, has shown resiliency by tracking market movements like Bitcoin and Ethereum. Introducing new platforms like SunPump might help Tron maintain its market presence and achieve new heights in the competitive blockchain field.
The post Tron’s USDT Transfer Volume Reaches One-Third of Visa’s Annual Settlements appeared first on Crypto News Land.
