The past two months have seen a spike in USDT (Tether) transactions. This happens alongside leading cryptocurrencies like Ethereum and Bitcoin. However, one notable distinction in the pattern of USDT transactions point to the fact that Tether transactions from the Tron blockchain network has outperformed other Tether transaction blockchains like Ethereum.
According to the USDT market analysts, there have been more transactions using the TRC20 transaction network than the more popular Ethereum-based network, ERC20. This happens despite the fact that there are more Ethereum-based Tethers in the crypto market than the TRC20 based ones. Moreover, a detailed research showed that the Tron-based Tether transaction has seen larger transactions the whole of the past year.
Rivalry Between Tron And Ethereum USDT Transactions Sharpen
More recent data shows that TRC20 transactions of Tether stand at 247,000 four days ago. But ERC20 USDT transactions stand at 179,000 on the same day. Analysts are of the opinion that this is because of growing ERC20 network fees.
Tether is growing in popularity like its popular counterparts. If 2020 has been the year of Bitcoin and Ethereum, stablecoins like Tether have also made their way to the epicenter. This dominant stablecoin currently holds the market cap of $24.9 billion, making it the third-largest among others. This digital asset has seen a steady surge in its value with room for more improvement. It can also be easily paired with other assets in digital exchanges.
Data from the past 24 hours shows that the USDT’s global trading volume has surged massively. It currently holds the TV of $17 billion in a day. This stablecoin was earlier minted on the network, Omni Layer. However, this has changed in the past four years when USDT transactions happened mostly from other popular blockchains like Tron and Ethereum.