USDC on Tron surpassed $100 million in two days after revealing on the blockchain and the growth could be a result of traders looking for faster and cheaper transactions compared to ETH so let’s read more in our latest Tron news.
The circulating supply of the USDC on Tron surpassed $108 million as per the data which could be another sign the traders are turning to blockchains that have cheaper transaction fees with faster speeds than what’s been going on on Ethereum. The achievement came a day after Circle said it added support for USDC on Tron and one of the stated goals of doing so was enabling the growth of the crypto in Asia and around the globe.
USDC is pegged 1:1 to the US dollar with the token being redeemable for an equal number of greenbacks. Crypto influencer Justin Sun’s blockchain already gained traction for the fast growth of the biggest stablecoin by asset cap on the network. There is more tether on Tron than on Ethereum as the traders are loving the blockchains that provide faster and cheaper transactions. While Tether is the most traded crypto asset, there has been a fast-growing adoption of USDC on the DeFi space according to Coingecko. In the meantime, the data from Glassnode shows that half of USDC supply is now used in smart contracts.
The biggest difference is how USDC is used on Ethereum because Tron is mostly used for inter-exchange transfers according to Ryan Watkins who is a research analyst at Messari. He noted that all of USDC supply on Tron is concentrated in the top 10 addresses and while Tether’s and USDC’s growth on Tron could be an indicator that a lot of exchanges are moving stablecoins over to Tron instead of ETH to avoid fees.
USDC is the stablecoin native to four blockchains and could soon be on eight to 10 more networks as per the recent reports. This will be the broadest expansion of the $25 billion stablecoin to date and will surpass the eight blockchains that support Tether’s USDT as the market leader with a $63 billion market cap. USDC was launched on Ethereum in 2018 and then expanded to Stellar, Solana, Algorand in 2020.
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