TRON Becomes Largest Issuer of USDT, Overtakes Ethereum

Updated:

After two years since it integrated Tether (USDT) into its blockchain, TRON (TRX) has cleared a significant milestone by overtaking Ethereum as the network bearing the most amount of USDT. At press time, more than half of all USDT is circulating on the TRON network.

In 2019, TRON and Tether, the host company of the largest stablecoin provider, signed a partnership to boost the adoption of the USDT. The integration on TRON helped USDT achieve a significant diversification, considering its primary host network was Ethereum (ERC20-based tokens).

A fresh report from Tether’s transparency webpage revealed that the total authorized USDT on Ethereum is at $23.4 billion, while the total authorized USDT on TRON has exceeded $24 billion.

With a total of $47 billion worth of USDT in circulation (with 1 USDT pegged to $1), TRC20-based USDT accounts for 51% of all circulating Tether.

Reports claim that the flipping of Ethereum by TRON got triggered by the excessive gas fees on the Ethereum network, which spurred traders to seek out cheaper alternatives for USDT transactions.

The overthrow by TRON was a steady process, which took place over the past few months.

Key TRX Levels to Watch — April 16
TRX has traded on a steady bullish climb through April along an ascending trendline. The eighteenth-largest cryptocurrency peaked at $0.1693 yesterday, following a 30% rally from mid-Wednesday.

TRXUSD – 4-Hour Chart

That said, TRON appears to be in correction mode at the moment, as we expect to see a healthy rebound from the $0.1495 support over the coming hours. However, further correction should get adequately supported by the $0.14000 psychological support.

Meanwhile, our resistance levels are $0.1693, $0.1800, and $0.1900, and our support levels are $0.1495, $0.1400, and $0.1300.

Total Market Capitalization: $2.21 trillion

TRON Market Capitalization: $10.9 billion

TRON Dominance: 0.49%

Market Rank: #18

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.