• Tether surpassed 18 million weekly transactions, setting a new performance record.

  • A significant 78% of Tether's transactions took place on the Tron blockchain.

  • Tether is approaching a market capitalization of $120 billion, maintaining steady growth.

Tether, the largest stablecoin globally, has achieved a new milestone with over 18 million weekly transactions, primarily conducted on the Tron blockchain. This surge solidifies Tron’s position as a leading platform for USDT transfers, outstripping other Ethereum Virtual Machine (EVM) compatible chains.

Dominance on Tron

According to data from analytics platform IntoTheBlock, a whopping 78% of these transactions occurred on Tron. The platform also hosts 48 million USDT addresses, with 84% of them being native to Tron. This data underlines the blockchain’s vital role in enhancing USD accessibility through Tether.

Moreover, these transaction milestones coincide with a financial windfall for Tether's parent company, which announced a $5.2 billion profit for the first half of 2024. 

https://twitter.com/intotheblock/status/1819765735758897247

The details reveal a net operating return of $1.3 billion in Q2 alone, following a robust $4.52 billion in Q1 amidst a bullish market phase.

Steady Growth Amid Market Challenges

Despite broader market downturns, USDT has maintained a growth trajectory, nearing a $120 billion market cap. 

IntoTheBlock notes that Tether has achieved an all-time low in volatility this July, continuing to dominate with over 70% of the stablecoin market share, a consistent trend throughout the year.

Tether's achievements in 2024, highlighted by record-breaking transaction volumes and robust financial returns, underscore its unwavering market presence and the strategic dominance of the Tron blockchain in the digital currency ecosystem.

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The post Tether Records 18 Million Weekly Transactions on Tron Blockchain appeared first on Crypto News Land.

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