Tether on the TRON network surpasses Visa’s average daily volume reaching $53 million

Tether’s (USDT) 24-hour trading volume reached $53 billion on the TRON network, surpassing payments giant Visa’s average daily trading volume of $42 billion for the first quarter of 2024.

This comparison is particularly important given Visa’s stature as one of the world’s largest payment processors, handling billions of transactions in more than 200 countries and regions.

USDT on TRON exceeds Visa’s daily trading volume

The rapid growth in value and usage of TRON-based USDT is highlighted in the latest statistics from Lookonchain’s latest tweet, which reads:

“USDT’s 24-hour trading volume on #TronNetwork is $53 million, surpassing Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 million and the average daily trading volume was $42 million.”

It is important to note that USDT on the TRON network recorded more than 45.5 million holders, according to TronScan data, which also revealed a total transfer count that exceeded 1.8 billion during the same period. Interestingly, the top ten USDT holders on TRON own 27.69% of the total network supply, with 16.56 billion USDT.

The latest development reflects a broader trend of increased demand for stablecoins like USDT amid a downturn in the crypto market.

Meanwhile, the volume of USDT transactions on the TRON network has been steadily increasing since January 2023. With an average of about two million transactions almost daily since February, this upward trend has continued into 2024 as well.

For example, weekly TRIN volume for USDT reached a whopping $110 billion in the first week of April alone. This figure was double the amount liquidated on rival blockchain giant Ethereum, highlighting investors’ inclination towards TRON.

Tether’s aUSDT, a gold-backed stablecoin

On June 17, Tether CEO Paolo Ardoino unveiled aUSDT, a new synthetic dollar backed by Tether’s gold-backed digital asset XAUt. The move was praised by industry analyst and stock-to-flow modeler Willi Woo, who called it a “brilliant business idea” by the stablecoin issuer.

As Ardoino explained, while USDT currently earns yields from US Treasuries, the new stablecoin will benefit from gold gains.

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