Cryptocurrency analysis platform IntoTheBlock revealed on May 24th data on how Tether (USDT), the largest stablecoin in the cryptocurrency market, has been used in blockchain networks. The survey highlighted that USDT recorded more than 18 million transactions last week, approaching its all-time high.
According to the data, the TRON network dominates the USDT transaction count with 78.3% share. Polygon appears close behind, standing out as runner-up, with 8.6% of all Tether transactions. When analyzing On-Chain volumes, the survey revealed that USDT experienced $140 billion in volume last week across all networks.
“TRON leads the on-chain volume with an impressive 67.11% share, thanks to its low transaction fees and high availability on major exchanges. Ethereum continues with 28.63%, facilitating transfers of higher amounts despite higher costs,” noted the report.
USDT is the largest stablecoin in the cryptocurrency market. Let’s take a look at how it’s used across blockchain networks👇
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⚫️ USDT recorded over 18 million transactions last week, nearing its all-time high
⚫️ @trondao dominates USDT transaction count, with 78.3%… pic.twitter.com/8BsI0FXaP4— IntoTheBlock (@intotheblock) May 24, 2024
In addition, the data also shows numbers relating to holders and maintenance time. Once again in the spotlight, the TRON blockchain appears to be leading in the number of unique addresses holding USDT with 36 million, followed by Ethereum with 5.2 million addresses.
“Longer retention times indicate that USDT on Ethereum and TRON is used as a store of value. In contrast, USDT on Avalanche and Optimism is probably more used for transactional and DeFi-related applications,” he highlighted.
Developing stablecoin market: Number of Tether and USDC wallets see increase
The stablecoins market has been showing remarkable development in recent months. Stablecoins are becoming increasingly popular among cryptocurrency users due to their stability compared to other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Observing this development, analysts at the Santiment platform shared, on May 22, a survey that reveals a very significant growth in the number of wallets for the two largest stablecoins, Tether (USDT) and USD Coin (USDC).
According to the data, this year the number of non-empty wallets for the stablecoins USDCoin and Tether registered a considerable increase of 13.9% and 15.7%, respectively. A very significant development that highlights the growth of the estabelecoins market.
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Source: https://portalcripto.com.br/tether-usdt-registra-mais-de-18-milhoes-de-transacoes-e-se-aproxima-de-maximo-historico/
