Recently, the supply of the stablecoin USDT on the TRON blockchain has reached $80 billion, indicating a steady growth and demand for this asset.
Growing Trend of USDT on TRON
According to data from Glassnode, the USDT supply on TRON has surpassed $80 billion, which accounts for over 50% of the total circulating supply of USDT. The growth trend of USDT on TRON shows that this blockchain is becoming the primary layer for transactions using the stablecoin.
Reasons for Increasing Demand for USDT
USDT accounts for 62.2% of the total stablecoin market capitalization of $252.7 billion. The demand for this coin is driven by institutional and remittance transactions. Additionally, a new legislative proposal known as the GENIUS Act aims to utilize stablecoins to strengthen the dollar's position on the global stage.
Impact on TRX Price
The price of TRX, the native token of TRON, has increased by 0.4% in the last 24 hours and is currently trading around $0.273. Analysts believe that the surge in USDT trading volumes may lead to an increase in TRX price, especially if demand for the network continues to rise.
The increase in USDT supply on TRON is a significant event that may positively impact the price of TRX if current trends continue.
