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Justin Sun, the founder of Tron, has announced that the total number of the largest stablecoin in the market Tether issued as TRC20 tokens on the Tron (TRX) Blockchain has reached a volume of 30.9 billion USDT. This is reportedly the highest number of stablecoin issued on any blockchain in history.
Sun announced the latest development via Twitter yesterday, where he congratulated the Tron team for clearing this milestone.
According to data from Tether’s website, there are about 60 billion USDT in circulation, with Tron as the dominant hosting blockchain. Ethereum takes the second spot with approximately 27 billion USDT issued as ERC20 tokens. Omni, a Bitcoin-based protocol, comes in third place with roughly a billion USDT on its blockchain. In fourth place is the Solana blockchain, which has 200 million USDT on it.
Reports show that the issuance of Tether has increased dramatically since the start of the bull market. Glassnode revealed that USDT went from 10 billion in August 2020 to roughly 60 billion as of today.
Tether became operational on Tron in April 2019 but failed to gain a substantial adoption until 2021, when it took a massive chunk of market valuation from Ethereum. Crypto users got attracted to the Tron version of Tether following discoveries that transactions were almost free and instant.
Key Tron Levels to Watch — May 14
TRX has traded under downward pressure over the seven days, following a sharp rally to the $0.1700 level. The twenty-first-largest cryptocurrency is currently trading along a descending channel towards the $0.1100 level. At press time, Tron is battling with the top of the channel ($0.1280) to regain bullish momentum following the recent market crash.
A break above the $0.13000 resistance could help the cryptocurrency regain a bullish bias. However, failure to clear the bearish channel over the coming hours could send TRX to the $0.12000 support and lower.
Meanwhile, our resistance levels are $0.1300, $0.1400, and $0.14950, and our support levels are $0.12000, $0.1100, and $0.1000.
Total Market Capitalization: $2.31 trillion
TRON Market Capitalization: $9 billion
TRON Dominance: 0.38%
Market Rank: #21
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