Tether: volumes on Tron up big time
Tether volumes on the Tron blockchain have been rising sharply in recent days.
Indeed Tether dollar (USDT) is a stablecoin token that is present on several blockchains. It originally ran on Bitcoin’s blockchain, thanks to the Omni layer, but then the ERC token was also Bitcoin Trader launched now on Ethereum’s blockchain, which took over.
Today there are still around 1.3 billion USDTs in circulation on Omni, while there are 14.7 billion on Ethereum.
The second blockchain with the most Tetras in circulation is now no longer Bitcoin, but Tron, with around 9 billion USDT.
It is followed by EOS (40 million), Liquid (16.5 million), SLP (6 million) and Algorand (4 million).
Therefore, only about 60% of USDT tokens are on Ethereum, while 36% are on Tron.
The fact is that Tron allows for faster and cheaper transactions than Ethereum, which is why people who need to move USDT for example from one exchange to another are starting to use TRC-20 tokens instead of ERC-20.
Tether volume growth on Tron
This increase can be seen very well in Tronscan’s graph showing the volume of transactions in USDT.
While up until July of last year there were rarely more than 45,000 transactions per day, and one billion USDT transferred per day, there has been rapid growth since August, culminating on January 21 with over 320,000 transactions in one day. The record for USDT transferred in one day was on 9 January, with almost 5 billion tokens sent with 273,000 transactions.
Tether’s CTO Paolo Ardoino said on Twitter:
„320,000 daily transactions… that’s impressive. Tether on Tron is doing great.
As for Ethereum’s blockchain on the other hand, the maximum number of daily USDT transactions is 323,000, recorded on 23 June 2020, while the highest daily volume occurred on 26 October 2020 with 15 billion USDT.
Therefore, January’s records on Tron in some ways come close to last year’s records on Ethereum.
Indeed, looking at the trend of the two charts over the last six months, we can see a certain regularity in the one on Ethereum, always more or less around 250,000 transactions per day, while there is a clear growth in the one on Tron, which went from less than 100,000 to about 300,000 transactions per day.
In other words, not only has the number of USDT transactions on Tron tripled in the last six months, while the number on Ethereum has remained essentially stationary, but in the last few days it has even surpassed it.