USDT trading volume on Tron briefly surpassed Visa’s average last week.
The 24-hour trading volume on Tron Network reached $53 billion on June 21.
Volksbank Raiffeisenbank Bayern Mitte has appointed Andreas Streb as CEO.
Tether’s (USDT) trading volume on Tron (TRX) Network briefly exceeded the daily average trading volume of payments giant Visa, while a $6 billion valued German bank appointed a Bitcoin-friendly CEO, marking two significant events in the crypto industry last week.
On June 21, blockchain analysis platform Lookonchain observed that the 24-hour trading volume of USDT on the Tron Network reached $53 billion. Lookonchain noted that Tron USDT’s daily trading volume surpassed Visa’s average daily trading volume of $42 billion in Q1 2024.
The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa's average daily trading volume.Visa's trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE
— Lookonchain (@lookonchain) June 21, 2024
Notably, USDT’s trading volume on Tron did not surprise many crypto users, considering the stablecoin’s recent history. Last March, Christopher Maurice, the founder of the African crypto fintech platform Yellow Card, identified USDT as one of the most used cryptocurrencies in Africa.
In an interview, Maurice highlighted Africans’ growing preference for Tether, a U.S. Dollar-pegged stablecoin on low-cost networks like Tron, to protect their money from rampant domestic inflation. He noted that USDT had more liquidity on Tron than other prominent blockchain networks like Ethereum.
Meanwhile, data shows that Tron is the 12th-ranked blockchain network by market capitalization. The stablecoin network’s market cap was about $10.3 billion, with its native crypto, TRX, trading for $0.1184 as of writing.
In a similar news story, Volksbank Raiffeisenbank Bayern Mitte, a German regional bank, appointed Bitcoin-friendly banking executive Andreas Streb as its new CEO. Streb’s appointment follows the bank’s former CEO, Richard L. Riedmaier’s announcement of his retirement several weeks ago. According to a June 21 report, Streb will assume the role of the bank’s CEO from the beginning of next year.
Streb, who pioneered and promoted a Bitcoin-specific program at VR Bayern Mitte, believes the bank has established itself as a role model in the specialist field throughout Germany by participating in the program.
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