Tron’s $60B goal in sight as stablecoin dominance surges – fueled by Tether’s impressive run News ▸ Tether · TRON ▸ Stablecoins
Tron’s $60B goal in sight as stablecoin dominance surges – fueled by Tether’s impressive run
Tether's USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion.
2 min read
Updated: Apr. 21, 2023 at 9:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tron (TRX) stablecoin’s dominance has reached a record high of 33.9% — primarily due to the rising supply of Tether USDT, according to data from DeFiLlama.
The stablecoin market on the network is currently valued at $44.52 billion after a 1.1% increase in the last seven days. USDT accounts for 95% of the stablecoins on the Tron network — with $42.29 billion.
The growth aligns with Justin Sun’s goal of growing the stablecoin supply on the network. In March, the crypto entrepreneur said the goal is to increase the Tron stablecoin market to $60 billion before the end of the year.
In 2023, the Justin Sun-led blockchain network dominance has risen by more than 10%, according to DeFillama data.
Meanwhile, Ethereum (ETH) remains the dominant blockchain for stablecoins — with a market cap of $70.97 billion.
USDT continues impressive run
Tether’s USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion — its highest point since April 2022. USDT’s dominance also hit 62.1% — its highest point since April 2021,
Among the five top stablecoins, only TrueUSD (TUSD) saw its supply increase within the period. TUSD’s supply has more than doubled in 2023, growing to above $2 billion and enjoying more adoption from crypto exchanges like Binance.
Meanwhile, Binance USD (BUSD), USD Coin (USDC), and DAI supply significantly declined within the period. USDC supply fell 13.63% to $30.83 billion, while BUSD declined roughly 20% to $6.61 billion. DAI plunged 10.13% to $4.85 billion.
Stablecoin regulations Incoming?
Some regulatory clarity might be coming to the stablecoin industry after the U.S. House Committee on Financial Services released the draft of a proposed regulation.
The proposed legislation intends to make the Federal Reserve the primary regulatory body for stablecoins and require nonbank entities to register. The bill also imposes a moratorium on algorithmic stablecoins.
Besides that, the Committee recently met with some stakeholders from the industry to discuss the issues plaguing the space.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
$0.99959
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance USD
$1.00144
BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$1.00006
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.