New statistics indicate that the average daily trading volume of the stablecoin Tether (
USDT
) on the Tron (
TRX
) blockchain has exceeded that of Visa, a major credit card company.
A recent post on the social media platform X by market intelligence firm Lookonchain reveals that the 24-hour trading volume of Tether’s digital asset pegged to the US dollar on Tron reached $53 billion earlier this week, marking a nearly 10% increase for the day. In comparison, Visa’s trading volume was at $42 billion.
“USDT’s 24-hour trading volume on the Tron Network is $53 billion, surpassing Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 trillion, with an average daily trading volume of $42 billion.”
Source: LookonchainX
Lookonchain’s data also indicates that during the same 24-hour period, USDT saw over 2 million transfers, marking a 5.14% increase for the day.
Earlier this month, Tether
announced
the launch of a new stablecoin backed by gold with overcollateralized reserves. Known as aUSDT, this digital asset will be backed by Tether Gold (XAUT), ensuring that it is supported by physical gold reserves in Switzerland.
Paolo Ardoino, Tether’s chief executive, stated at the time,
“While the stabilization mechanism differs from traditional options like USDT, this innovative solution represents an exciting milestone, and we are looking forward to seeing how it will interact with the rest of the market. Additionally, we plan to make this innovative technology available in our upcoming digital asset tokenization platform.”
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