TRON set a new all-time high for USDT transfers, processing $587.2 billion in November 2024—a sharp rise from $424.4 billion in September and $489.3 billion in October. This growth highlights increasing global demand for stablecoin transfers.
Since July 2019, when TRON handled just $73.8 million in USDT transfers, its growth has been exponential, reaching $462.6 billion in March 2024 before surging again in the second half of the year. TRON’s rise is attributed to its low fees, fast transaction speeds, and affordable remittance services.
The surge in activity has also benefited TRON’s native token, TRX, which saw a 160% increase in the past year. Currently, TRX is trading at $0.2912, up 3.3% in the past 24 hours and 10.7% over the week, outperforming the broader crypto market and other smart contract platform tokens.
Despite TRON’s USDT dominance, Ethereum has been catching up. Tether minted $20 billion worth of USDT on Ethereum, positioning it as the leading platform for USDT supply. Analysts predict Ethereum’s total USDT supply could hit $1 trillion by the end of 2025.
Meanwhile, Binance and Circle have partnered to promote USDC, a major rival to USDT. Binance will offer USDC to its 240 million users and incorporate it into its corporate treasury.
With TRON’s record-breaking growth, Ethereum’s stablecoin expansion, and Binance’s USDC push, the competition for stablecoin market dominance is heating up. TRON’s performance solidifies its role as a key player in global remittance and cross-border payment services.
Image Credit: Pixabay
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