Altcoins
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According to DeFillama, over the past seven days, the market capitalization of stablecoins on the Tron blockchain has grown by more than 8% and crossed the $40 billion mark. In addition, the network saw a massive influx of funds – more than $1 billion on March 12 and $917.49 million on March 17.
USDT dominates the stablecoin market
USDT from Tether accounts for a whopping 94.36% of the total stablecoin market on Tron. At the time of writing, its market capitalization is $39.26 billion, up 8.26% in the last 30 days.
User interest in TrueUSD is also gaining momentum. According to DeFillama, TUSD supply rose 118% to $1.31 billion, making it the second largest stablecoin on the network. The stablecoin from TrustToken has attracted the attention of investors amid the recent problems experienced by Binance USD (BUSD) and USD Coin (USDC).
Tron-based algorithmic stablecoin USDD ranks third on the list. Over the past month, the asset’s market capitalization has grown by 5% to $534.01 million at the time of writing.
Circle’s USDC has been an underdog – the recent decoupling from the US dollar has significantly impacted its supply on the Tron network. Over the past 30 days, USD Coin volume has decreased by about 60% to $440.5 million.
Justin Sun sets ambitious goals for Tron
In a March 17 tweet, Justin Sun stated that his goal is to increase the capitalization of stablecoins on the Tron blockchain to $60 billion. He wrote that the team is working to improve the infrastructure and introduce innovations that will make the platform more secure, reliable and efficient.
Source: Twitter
Speaking about the current problems of the industry, Sun noted that the crypto market has already faced a lot of difficulties this year. But despite this, the Tron team intends to further develop five stablecoins in their network.
“Despite the difficulties ahead, we are excited to play our part in the development of the global stablecoin market, contribute to the development of DeFi and shape the future of finance,” he added.
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