Tether’s Triumph on Tron: How USDT Dominates with Nearly 12% Market Share

Tether Tokens Take Over Tron

Tether (USDT), the cryptocurrency that aims to be a stable influence in the volatile digital currency ocean, is making waves on the Tron (TRX) blockchain. As of October 25, TRC20-based USDT has reached a milestone with a total supply exceeding 490 million tokens, representing nearly 12% of the 4.1 billion USDT tokens currently circulating globally.

The Surge in Supply

In a staggering development, one day alone witnessed the issuance of between 350 to 450 million TRC20-based USDT tokens. This massive uptick wasn’t just a fluke; on October 25, Tether announced the minting of 100 million new tokens. The Tron Foundation confirmed this notable supply boost, highlighting its commitment to solidifying USDT’s presence in the blockchain landscape.

The Whale Watching Chronicles

But the excitement didn’t stop there! Tracking service Whale Alert chimed in with news of another hefty transaction: an addition of 40 million TRC20-based USDT worth over $40 million minted at Tether Treasury. This transaction was the result of a chain swap orchestrated by Bitfinex CTO Paolo Ardoino, who explained that the funds migrated from Ethereum’s ERC-20 tokens to the Tron blockchain. It’s like moving home but with a ledger rather than a moving truck!

Understanding Chain Swaps

Why do we care about chain swaps? Good question! Tether explained that this strategic maneuver allows traders to unleash their digital assets across various blockchains. Essentially, it broadens their playground, giving them greater flexibility in how they use their cryptocurrencies. Think of it as being able to play in multiple neighborhoods rather than being confined to one boring block.

The Road to TRC20 Adoption

Back in March 2019, the partnership between Tron and Tether was announced, paving the way for the eventual launch of TRC20-based USDT on April 16. This collaboration has ultimately positioned Tether to expand its reach amidst an ever-growing market. As they say, sometimes you have to travel the road less taken to discover the treasures waiting at the end.