Right now, there’s more Tether on Tron than it is on Ethereum while the stablecoin breaks new records with its market cap. But what exactly is happening with the coins on the Tron blockchain, let’s find out in today’s Tether news.
Tether is the most widely traded crypto asset on the market and it even hit the $50 billion mark in terms of the market cap which is an impressive milestone for the stablecoin. Back in February, it stood at $30 billion. What’s more, it is that there’s more Tether on Tron’s blockchain than on Ethereum or to be precise, $26 billion coins are now on the Tron blockchain according to the Coin Metrics data.
Tron is a decentralized platform that is designed for content creation. Although being similar to Ethereum in the sense that it uses smart contracts, digital wallets, and dapps, it’s based on entertainment. The vast majority of the activity on the Tron blockchain takes place on gambling and gaming applications as per a February 2020 DappRadar report.
Tether is a stablecoin that is pegged 1:1 with the US dollar which means that the coin’s value is designed to hold steady. There are controversies over whether Tether is truly backed by US reserves as the company never had its reserves audited independently and it just settled a fraud investigation with the New York Attorney General’s office.
The on-chain data shows that the coin is extremely popular in Asia but it remains the most widely traded crypto by a considerable margin. Those in the crypto space use Tether because of a number of reasons but mostly because it is useful for exchanges. Tether’s trading pairs are a common way to denominate the prices in fiat currency because it is easier to get your head around it. Using Tether is a way of using fiat which flows out of a traditional bank account especially if a crypto exchange doesn’t deal with it.
The huge amounts of USDT are being used on the ETH blockchain but more so are being used on the Tron blockchain and this is because of the inter-exchange transfers. Ethereum in a way is a victim of its own success as the network is being used by plenty of people which means it is getting overcrowded. So to make a transaction on Ethereum, one needs to pay high gas fees that variable the cost of using the network which goes to a group of people that are decentralized and keep it running.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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