New data shows that the daily average volume of stablecoin Tether (USDT) via the Tron (TRX) blockchain has surpassed that of credit card giant Visa.
In a new post on the social media platform X, market information agency Lookonchain reports notes that earlier this week, the 24-hour trading volume of Tether’s dollar-pegged digital assets against Tron was $53 billion – up almost 10% on the day – while Visa’s was $42 billion.
“USDT’s 24-hour trading volume on Tron Network is $53 billion, which is higher than Visa’s average daily trading volume. Visa’s trading volume in the first quarter of 2024 was $3.78 trillion and its average daily trading volume was $42 billion.”
Lookonchain’s chart also shows that USDT saw over 2 million transfers in the same 24-hour period, up 5.14% on the day.
Earlier this month, Tether announced the launch of a new gold-backed stablecoin with overcollateralized reserves. The digital asset, known as USDT, will be backed by Tether Gold (XAUT), meaning it will be backed by physical gold stores in Switzerland.
As stated by Tether CEO Paolo Ardoino at the time:
“While the stabilization mechanism is different from traditional options such as USDT, this innovative solution marks an exciting milestone, and we eagerly anticipate its interaction with the rest of the market.
Furthermore, we plan to also make this innovative technology available in our upcoming digital asset tokenization platform.”
Newsletter]
Generated image: Midjourney