USDT Transfers on Tron Reach All-Time High
The consolidation of Tron as a prominent network for stablecoins benefits the price of its cryptocurrency.
The cryptocurrency Tron (TRX) has marked new all-time highs in December.
Tron competes with Ethereum to become the 'home' of USDT.
Transfers of the stablecoin USDT on the Tron network reached an all-time high last November.
According to the on-chain data provider CryptoQuant, the record monthly volume was $587 billion. This figure represents a significant increase compared to $424 billion in September and $489 billion in October.
This data can be seen in the following CryptoQuant chart.
The growth of stablecoins has been driven by interest in the Bitcoin market and other cryptocurrencies, which, combined with the adoption of the network founded by Justin Sun, has also impacted the price of Tron (TRX).
In early December, the price of TRX reached an all-time high of $0.44, as reported by CriptoNoticias.
However, in the last seven days, the cryptocurrency registered a 12% drop and is currently trading around $0.27, as can be seen.
The Tron network has consolidated its position as a leader in stablecoin transfers, particularly of USDT, the currency issued by Tether.
Transactions on this network are fast and have low fees, making it a preferred option for traders who need to move funds efficiently between different platforms.
Tron Competes Head-to-Head with Ethereum
This efficiency has allowed Tron to capture 98% of the dominance in the use of USDT, surpassing the Ethereum network, with which it competes to become the main stablecoin ecosystem, according to data from DeFiLlama.
Tron is currently the second largest ecosystem in decentralized finance (DeFi), with assets reaching $60.498 billion.