Trons USDT Volumes Tap New All-Time High Above $587 Billion
Trons stablecoin dominance has continued to surge in recent months, hitting a new all-time high. The influx of new crypto users and growing adoption has spurred the market to new levels. Like other assets, stablecoins soared based on utility to institutional and retail investors this year.
A new market report shows the USDT transfer volume on Tron reached new highs in the last 30 days. The network recorded $587.2 billion in USDT transfer volumes last month. This jump added to the growth seen in previous months following the wider market rebound. Before this month, October and September tapped $489.3 billion and $424.4 billion, respectively.
Stablecoins have seen remarkable growth, driven by strong interest in cryptocurrencies over recent months. TRON has emerged as the leading blockchain for stablecoin transfers. This chart highlights the monthly USDT transfer volumes. In November 2024, USDT transfers hit an all-time high of $587.2B, marking a significant increase compared to previous months. The growth of stablecoins continues to rise.
Stablecoin Adoption Soars
The last 12 months have seen increased stablecoin adoption globally, with users pushing toward cross-border payments. While settlement and global transactions were key factors in the growth of stablecoins, institutional investors boosted all metrics. Most stablecoins are pegged to the US dollar, giving investors confidence, unlike other volatile crypto assets.
As gateway assets, stablecoins help onboard new entrants to the market, offering stability. Most platforms offer withdrawals and other benefits in stablecoins. The market benefited from the huge inflows, and stablecoins have become integrated into decentralized applications and as a way for investors to measure gains.
Macroeconomic trends have pushed several consumers to web3, with users holders converting assets to stablecoins, adding to the growing volume. This month, the market cap of stablecoins moved past the $200 billion mark for the first time on the back of yield generation and payment factors.
Tron (TRX) Records Sharp Growth
Users traded stablecoin across Tron due to cost efficiency compared to other popular networks. These inflows have positively affected TRXs general market performance. The asset gained over 160% in the last 12 months, notching huge gains after the U.S. elections in November. The assets market cap inched close to $39 billion due to the price rally that followed Justin Suns investment in Donald Trumps World Liberty Finance.
Read more: https://zycrypto.com/trons-usdt-volumes-tap-new-all-time-high-above-587-billion/
Text source: ZyCrypto
