- The amount of Tether (USDT) issued on Tron is slowly catching up to that issued on Ethereum
- $23.416 Billion ERC20-USDT has been issued compared to $21.994 Billion TRC20-USDT
- Tron issued USDT is gaining popularity due to its low fees and its use in the Tron ecosystem
- The value of TRX has benefited from the increased activity on the network
The amount of Tether (USDT) issued on Tron (TRX) is about to eclipse that which has been issued on Ethereum (ETH). This pending milestone was highlighted by Tron’s founder and CEO, Justin Sun, and shared through the following tweet.
📢According to @coinmetrics, the market cap of #TRC20–#USDT is about to surpass #ERC20–#USDT! Prepare to witness history!
🤗Use #TRC20–#USDT to enjoy immediate transactions, free handling fee, different use cases such as trading, #TRON #Dapp, #BitTorrent, and more. pic.twitter.com/F37pmTW5Y4
— Justin Sun 🅣🌞 (@justinsuntron) April 13, 2021
$1.422B Separate TRC20-USDT from Eclipsing ERC20-USDT
A quick glance at the Tether balance sheet reveals the following breakdown of USDT issued on the various blockchains.
- Omni – $1.335 Billion
- Ethereum – $23.416 Billion
- Tron – $21.994 Billion
- EOS – $70.251 Million
- Liquid – $16.561 Million
- Algorand – $14 Million
- SLP – $6 Million
- Solana – $190 Million
From the above breakdown, it can be concluded that the USDT issued on Tron is $1.422 Billion away from equaling that issued on the Ethereum blockchain. Chances are that the feat will be achieved in the days and weeks to follow as the Tron network continues to attract new users and increased activity due to its lower fees and faster speed when compared to Ethereum.
TRX Continues to Thrive as Activity on the Tron Network Increases
Activity on the Tron network has been constantly high with the blockchain handling roughly 2 million transactions on a daily basis since the beginning of 2021 as seen in the following chart courtesy of TronScan.org.
In the same time period and according to Etherscan.com, Ethereum has handled roughly 1.25 million transactions on a daily basis since the year began. It can therefore be loosely concluded that the amount of daily activity on Tron is double that on Ethereum.
Tron’s impressive network activity has also had a positive impact on the price of TRX which is trading at levels last seen in early 2018 after its ICO. At the time of writing, Tron (TRX) is trading at $0.1428 and almost halfway towards its all-time high of $0.30 set on January 5th, 2018.