According to data from CryptoQuant, the amount of Tron’s stablecoins supply now stands at 61.1 billion dollars that makes up for 37.9% of the total stablecoin market, valued at $161.1 billion.
Tron is the second-largest blockchain in the stablecoin market, just behind Ethereum.
It is a big increase from the 46.6 billion dollars that was reported last year. Overall, the sector is still led by Ethereum with $89.7 billion, which makes up 55.7% of the total supply.
This increase is because of the recent transfer volume numbers. In the past 30 days, Tron’s transfer volumes went up by 5.1%. So far this year, the total is up 158%, reaching $58.75 billion. In comparison, Ethereum’s transfer volume grew by 103%, while the BNB Chain saw an increase of 46.5%.
Also, Tron did 17.4 billion dollars in stable coin transfers on August 15, 2024, outpacing Solana’s $6.4 billion and BNB Chain’s $1.6 billion on the same day.
As at March 14, 2024, the total value locked (TVL) of the Tron DeFi ecosystem was at $10.55 billion, according to DefiLiama. The TVL has since increased 12% since August. It has also increased its on-chain revenue; for example, in mid-August, there was a rise of about 27% in daily revenue to $1.5 million.
Additionally, the daily volume of decentralized applications (dApps) on Tron skyrocketed by 672%, from $4.61 million to $35.57 million.
TRX, Tron’s main token, gained more than 80% in the last year. It is trading at $0.25 as of writing this report – a 1.3% surge in the last 24 hours, but still 55% lower than its highest price $0.30, reached in January 2018.
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