New data reveals the daily average volume of the stablecoin Tether (USDT) over the Tron (TRX) blockchain has surpassed that of credit card giant Visa.
In a new post on the social media platform X, market intelligence firm Lookonchain notes that earlier this week, the 24-hour trading volume of Tether’s dollar-pegged digital asset over Tron was $53 billion – a nearly 10% rise on the day – while Visa’s was sitting at $42 billion.
“The 24-hour trading volume of USDT on Tron Network is $53 billion, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 trillion and the average daily trading volume was $42 billion.”
Lookonchain’s chart also shows that over the same 24-hour period, USDT saw over 2 million transfers, a 5.14% raise on the day.
Earlier this month, Tether announced the launch of a new gold-backed stablecoin with overcollateralized reserves. Known as aUSDT, the digital asset will be backed by Tether Gold (XAUT), meaning it will be backed by stores of physical gold in Switzerland.
As stated by Tether chief executive Paolo Ardoino at the time,
“While the stabilization mechanism is different compared to traditional options like USDT, this innovative solution marks an exciting milestone, and we eagerly anticipate how it will interact with the rest of the market.
Moreover, we plan to make this innovative technology available in our upcoming digital asset tokenization platform as well.”
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