USDT to TRON transfer volume hits all-time high of $587.2 million

The TRON blockchain has achieved a remarkable feat, processing $587.2 billion in USDT transfers during November 2024.

This all-time high (ATH) reflects significant growth compared to $424.4 billion in September and $489.3 billion in October.

The TRON stablecoin boom

The figure, captured by CryptoQuant analyst Maartunn, is remarkable, considering that in July 2019, the network only managed to move around $73.8 million in USDT. However, its share has steadily increased since then, recording $287.1 billion in May 2021, $315.5 billion a year later, and $462.6 billion in March 2024.

While the numbers dipped slightly in May and June, they soared from September, culminating in November’s ATH.

CryptoQuant data also showed that the number of USDT receivers on TRON also hit an all-time high in October, reaching 10.6 million. However, the 9.2 million broadcasters that month were only bested by the 10.18 million recorded in early May.

Some market observers have attributed the rise of stablecoin transfers on the network to its key advantages, such as low transaction fees, fast processing times and cost-effective remittance services.

The record growth also positively impacted TRON’s native TRX token. CoinGecko’s figures show that it has risen more than 160% over the past 12 months, possibly reflecting the growing importance of blockchain in the crypto space.

At the time of writing, TRX was trading at $0.2912, up 3.3% in the previous 24 hours, with a range of $0.2772 to $0.304 in that period. Additionally, the coin has eclipsed the broader crypto market, gaining 10.7% over the past week versus 9.1% for the sector.

The performance is even better compared to similar cryptocurrencies from smart contract platforms, which gained an average of 8.80% in the last seven days.

Ethereum’s growing competition

While Justin Sun’s network leads USDT transfer volume, Ethereum has also gained ground. Recent data shows that Tether minted $20 billion of the stablecoin on Ethereum, pushing it ahead of TRON as the leading platform for USDT supply.

Additionally, analysts expect the most capped stablecoin Ethereum’s supply to reach $1 trillion by the end of 2025, cementing its position as an institutional-grade trusted blockchain.

Elsewhere, Circle and Binance announced a strategic partnership to expand global adoption of USDT’s closest competitor, USDC. Under the deal, Binance will offer the dollar-pegged cryptocurrency to its estimated 240 million user base and make it a core component of its corporate treasury.

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