Tron Has Become the Second Blockchain to Ethereum in Stablecoin Market Share

Data from Coin Metrics Network reveals that stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market share

Tron (TRX) has emerged as the second-largest blockchain in the stablecoin market, trailing only Ethereum (ETH), according to data from Coin Metrics Network.

As of Aug. 15, the total stablecoin supply on Tron stood at $61.1 billion, out of the $161.1 billion in overall stablecoin market supply. This marks a substantial increase from the $46.6 billion in stablecoin supply on the network a year ago.

Ethereum, on the other hand, continues to lead the stablecoin market with $89.7 billion in stablecoin supply, commanding 55.7% of the total supply.

The growth in stablecoin supply on Tron coincides with an increase in transfer volume, which has grown by 5.1% over the last 30 days and 158% year-to-date to reach $58.75 billion.

Other chains, such as Ethereum and BNB Chain, have also seen year-to-date increases in volume of 103% and 46.5%, respectively. Stablecoin transfer volumes on Solana have dropped by 75% over the same period.

Tron's dominance is further evident in the daily total stablecoin transfer volume, which stood at $17.4 billion on Aug. 15. This dwarfs Solana's $6.4 billion and BNB Chain's $1.6 billion on the same day.

Moreover, the $17.4 billion in stablecoin transferred on Tron on Aug. 15 is 222% more than the $5.4 billion stablecoin transfer volume on Aug. 15, 2023.

In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Tron, pushing its total value locked to $10.55 billion on March 14, 2024, its highest level ever, according to data from DefiLlama.

The TVL has increased by 12% since Aug. 5 to the current value of $7.617 billion.

This has also been evidenced by the increased onchain revenues, where Tron has witnessed a significant increase over the last year.

Daily revenue on the Tron network increased by 27% during the year, running up to Aug. 16 to $1.5 million.

Over the same period, daily volume on Tron-based decentralized applications rose by more than 672%, from $4.61 million to $35.57 million.

The price of TRX, Tron’s native token, has also been on the rise, increasing over 80% in the last 12 months to trade at $0.133 at the time of publication. The price of the layer-1 token is now 55% from its January 2018 all-time high of $0.30.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The above is the detailed content of Tron Has Become the Second Blockchain to Ethereum in Stablecoin Market Share. For more information, please follow other related articles on the PHP Chinese website!