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In the initial week of April, the weekly transaction volume of Tether (USDT) on the Tron network surged to $110 billion, highlighting increased stablecoin engagement within the network.
As per a tweet from IntoTheBlock, Tether’s recent weekly gain’s achievement on Tron doubled the amount settled on Ethereum, affirming Tron’s dominance as the primary platform for USDT transactions.
Tron Witnesses $110 Billion Volume in USDT Transactions
IntoTheBlock attributes the surge in USDT transactions on Tron to the network’s low fees, highlighting its facilitation of easy access to the United States dollar-backed asset.
Last month, reports indicated that USDT transaction volume on Tron was reaching peak levels observed in January 2023. The stablecoin saw an average of approximately two million daily transactions on the network, marking a surge that commenced in February.
With Tether’s market cap recently surpassing $100 billion, the stablecoin strengthens its dominance in the stablecoin ecosystem. While available on 15 blockchains and protocols, a considerable portion of its supply resides on the Tron network.
In recent months, Reflexivity Research found that approximately 94% of the total value locked in stablecoins on Tron is attributed to USDT. This dominance extends to Tron’s smart contracts, with USDT accounting for over 95%.
The significant portion of on-chain energy consumed by the USDT contract suggests that the asset is predominantly utilized for stablecoin transactions, showing limited diversification.
USDT Tied to Unlawful Activities
As USDT expands its footprint on Tron, so too does the prevalence of illicit activities within the network. According to an analysis conducted by blockchain forensics firm TRM Labs, Tron accounted for 45% of illicit transaction volume in 2023, surpassing Ethereum and Bitcoin, which stood at 24% and 18%, respectively.
Tron has emerged as the preferred platform for cybercriminals, North Korean hackers, terrorist financiers, and drug vendors, owing to its minimal gas fees and stable price trends. These malefactors frequently convert their stolen and unlawful crypto assets, predominantly into USDT, on Tron before laundering them through over-the-counter trades.
The increasing utilization of USDT for illicit purposes has drawn scrutiny from numerous regulators. In January, a report by the United Nations flagged the stablecoin as a conduit for money laundering and scams in Southeast Asia.
Nonetheless, USDT issuer Tether expressed disappointment with the UN’s assertions, asserting that the report solely focused on the alleged ties between the asset and illicit activities, overlooking its beneficial impact.
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