In the first half of 2024, TRON, a leading player in the stablecoin field, further strengthened its position. Not only did the total market value of on-chain stablecoins continue to soar, but it also met the increasingly vigorous and diverse stablecoin demand of numerous users.
According to DefiLlama data, as of June 30th, the total market value of stablecoins in the global market exceeded $161 billion, with the market value of stablecoins circulating on the TRON network reaching a high of $608 billion, accounting for 37% of the total stablecoin market value and ranking second among global public chains. In addition, as of the end of June, the number of accounts holding stablecoins on the TRON network exceeded 47 million, with an annual transfer amount exceeding $2.4 trillion. TRON has become an important global stablecoin payment network.
As the most widely used stablecoin on the chain, TRC20-USDT performed exceptionally well in the first half of 2024, with an annual increase of 11 billion coins and a circulation volume of over 59.8 billion coins, accounting for more than half of the total circulation of USDT. It is widely used for shopping, travel settlements, and fiat currency exchange. On June 24th, the Web3 shopping platform Uquid released data showing that as high as 48.78% of Uquid users in Latin America use TRC20-USDT for consumption.
In addition, in the first half of this year, well-known non-custodial wallets UXUY, one of India’s largest crypto exchanges WazirX, and the Korean cryptocurrency exchange Upbit have all completed support for TRC20-USDT. TRC20-USDT will reach more users and emerging markets, unlocking more trading use cases.
In fact, the TRON network has already established a diversified layout led by TRC20-USDT, with TRC20-TUSD, TRC20-USDC, USDD, USDJ, as well as offshore RMB stablecoins TCNH and CNH₮, meeting the trading needs of a wide range of users from different perspectives. Among them, USDD, as the world’s first decentralized over-collateralized stablecoin, had a market value of over $700 million in the first half of this year, ranking sixth in the stablecoin race.
In the future, TRON will continue to leverage the technological advantages of the underlying blockchain, driving cryptocurrencies into broader fields. While realizing the circulation value of stablecoins, it will also lay a solid foundation for the construction of a metaverse financial free port.
