The TRON platform is significantly smaller than Ethereum in terms of total users and market cap. However, TRX is competing fairly in the use of stablecoins. To date, USDT has a market cap of $ 32 billion, and more than a third of all USDT currently exists on the TRON platform.
TRON outperforms Ethereum in terms of its USDT usage rate
Although the majority of stablecoins use Ethereum, TRON has established itself as an alternative stablecoin platform. On a utilization rate basis, TRX outpaces its volume when it comes to stable cryptocurrencies like USDT.
Most decentralized apps and stablecoins work well on Ethereum trading. However, the increase in DeFi usage is affecting throughput. Ethereum blocks are congested with transactions. Users currently pay exorbitant fees to interact. These fees recently hit an average of more than $ 20 per transaction, a new record for Ethereum.
USDT volume on TRON platform | Source: Tron.network
TRX is appearing as an alternative to Ethereum. Launched in 2017 by Justin Sun, TRON is an alternative smart contract platform. Ethereum is actually 50 times bigger than TRON, with millions of more active users, but for now, TRON is a viable USDT storage alternative. Some of the achievements include Poloniex launching an IEO platform that only uses TRON for payment and TRX will be available on Opera browser after BTC and ETH.
Offering insignificant fees, many USDT is flocking to TRX. Currently, the total number of USDT on this platform is nearly $ 12.5 billion. This is a substantial amount considering the market cap of both projects. The volume demonstrates what can happen as Ethereum sinks deeper and deeper into smart contract platforms that are set up to provide more efficient transactions.
Stablecoins play an extremely important role in the cryptocurrency market. Stablecoins provide users with all the benefits of the blockchain technology ecosystem. Price stability has created a great remittance tool and a safe haven for traders looking to replace volatility without exiting the entire crypto market.
Cryptocurrencies provide a new means of financial sovereignty for users. As blockchain technology continues to be popular globally, many people will use stablecoins. TRON is working to grow and go further to reinforce itself as one of the most preeminent global stablecoin trading platforms.
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