Justin Sun, the founder of TRON, a blockchain DAO ecosystem, announced that the circulation of USDT on TRON has exceeded $50 billion for the first time. He also expressed his confidence that the goal of issuing $100 billion on TRON stablecoins will be achieved soon.
A New Stablecoin Milestone
TRON, a blockchain-based operating platform that aims to decentralize the web, has reached a new milestone in its stablecoin ecosystem. According to a tweet by Justin Sun, the founder and CEO of TRON, the circulation of USDT on TRON has surpassed $50 billion for the first time on January 13, 2024.
USDT is the USD-pegged stablecoin issued by Tether, the world’s largest stablecoin issuer. USDT is available on multiple blockchains, including Bitcoin, Ethereum, and TRON. USDT on TRON is based on the TRC20 standard, which allows users to complete issuance, holding, and transfer of USDT via smart contracts on TRON, with a free and transparent process, zero transfer fee, and instant delivery.
USDT on TRON also enables interoperability with TRON-based protocols and decentralized applications (DApps), allowing users to transact and exchange fiat pegged currencies across the TRON network.
More Growth for the Tron Ecosystem
Sun congratulated the TRON community for making a huge contribution to this achievement and thanked Paolo Ardoino, the CTO of Tether, and Tether for their support and partnership. He also stated that the goal of issuing $100 billion on TRON stablecoins will be achieved soon, implying that the demand and adoption of TRON stablecoins will continue to grow.
“Congratulations on USDT on #TRON‘s circulation exceeding $50 billion for the first time. Everyone in the TRON community has made a huge contribution to this achievement. The goal of issuing $100 billion on TRON stablecoins will be achieved soon!”
An Innovative Network
The tweet by Sun received over 600 likes and 100 retweets, as well as many comments from TRON supporters and critics. Some praised Sun for his vision and leadership, while others questioned the legitimacy and transparency of TRON and Tether. Some also expressed their interest in other TRON-based stablecoins, such as USDJ, a decentralized stablecoin pegged to USD and backed by TRX, the native token of TRON.
The growth of TRON stablecoins reflects the increasing popularity and innovation of the TRON network, which claims to have over 50 million accounts, 2.5 billion transactions, and 1.8 million daily active users. TRON also hosts various DApps, such as BitTorrent, a peer-to-peer file sharing protocol, and Poloniex, a crypto exchange. TRON also recently launched its own NFT platform, TRON NFT Pro, which aims to provide a low-cost and high-performance solution for NFT creation and trading.
TRON stablecoins are also part of the broader stablecoin market, which has exploded in the past year, reaching over $200 billion in total market capitalization. Stablecoins are digital tokens that are designed to maintain a stable value relative to a reference asset, such as a fiat currency or a commodity.
Stablecoins are widely used in the crypto space for various purposes, such as hedging against volatility, facilitating cross-border payments, enabling DeFi applications, and accessing digital assets. Stablecoins are also seen as a potential bridge between the traditional and the crypto financial systems, as they offer the benefits of both worlds.