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Tron price rally continues as USDT transactions rises

Tron price has risen for three straight days after on-chain data pointed to robust performance of its ecosystem. TRX jumped to a high of $0.1185 on Friday, its highest point in a month. It has soared by over 7.65% from its lowest point this month as other altcoins like Ether, Solana, and Pepe slumped.

Tron price chart

According to TronScan, the 24-hour trading volume of Tether (USDT) on Tron surged to over $53 billion. This happened as the number of transfers jumped to over 2.18 million while the number of holders soared to over 45.32 million.

The number of USDT on Tron holders has been in a strong uptrend in the past few months. Data shows that the figure stood at over 25 million in the same period in 2023 and about 1.4 million in 2020. 

The volume of USDT traded on Tron has jumped above that of Visa and Mastercard, the two biggest payment processing companies in the world.

These numbers mean that Tron has become a vital player in the crypto industry since Tether is the most important stablecoin. Also, data by DeFi Llama shows that the volume of stablecoins on Tether has soared to more than $58 billion or 51% of the total Tether supply. 

While Tether’s growth has stalled recently, recent data shows that it is still a popular stablecoin. For example, as we wrote earlier on Friday, USDT has become more popular than Bitcoin in Latin America.

There is more evidence that Tron is doing well. For example, the total value locked (TVL) in its DeFi ecosystem has jumped to over $8.13 billion, with most of it being in JustLend, JustStables, and SUN. 

At the same time, Tron is the second most profitable players in the crypto industry. Its revenue this year stands at over $735 million, making it the second one after Ethereum. 

Still, Tron faces some potential issues. In 2023, the Securities and Exchange Commission (SEC) charged Justin Sun and others for fraud and other securities violations. It is unclear how the lawsuit will affect his network.  Most recently, Circle ended its support for USD Coin on Tron.