- According to the results of the on-chain analytics platform, competing stablecoins have very small market shares.
- USDT constitutes 98.5% of the entire stablecoin supply on the Tron network, making it the de facto leader.
A dominant player has emerged in the stablecoin market on the Tron network. The USDT stablecoin has become the de facto standard for most value transfers and trading. Specifically, the most recent analysis by CryptoQuant showed that USDT constitutes 98.5% of the entire stablecoin supply on the Tron network, making it the de facto leader.
As the foundational stablecoin for Tron, USDT has a circulating supply of $62.76 billion out of almost $64 billion on the network. According to the results of the on-chain analytics platform, competing stablecoins have very small market shares: USDC represents 0.06%, USDD 1.15%, TUSD 0.26%, and USDJ 0.01% of the supply.
Essential Building Block
One thing to keep in mind is that other stablecoin supply has been flat since March 2024. However, USDT was able to maintain its growth and establish itself as the market leader. In addition to supply, USDT is vital to Tron’s liquidity.
When the price of TRX is very volatile, its on-chain volume from centralized exchanges might reach $4–$5 billion per day. As a result, USDT is not only the most abundant stablecoin on the network, but it is also an essential building block for all transactions and value transfers on the Tron blockchain.
In addition, IntoTheBlock data showed that 69% of all USDT activity—more than 14 million transactions per week—occurs on the Tron network. This number is much higher than 61% at the end of January.
In a recent post on X, Justin Sun, founder of Tron, revealed that Tether’s USDT stablecoin would provide commission-free transactions on the Tron network. A more user-friendly way to send and receive USDT is using the Gas Free feature, which eliminates the need to use TRX tokens for gas costs.
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