Tether (USDT) Supply on Tron Network Increases by a Whopping 180% in the last 6 Months
In March, USD pegged Tether first announced its plan to launch USDT on the Tron blockchain to enable operability with Tron-based protocols and Decentralized Applications (DApps). The stablecoin further allowed users to transact and exchange fiat pegged currencies across the Tron network.
Shortly after this, in April, about 3.5 percent of the total USDT (99.9 million USDT) supply was already on the Tron Network.
This supply has been growing even faster as in October, numerous swaps have been made by Tether from Omni and Ethereum to the Tron blockchain. The latest chain swap has been of 15 Million USDT from ERC20 to Tron on Oct. 22 as shared by Whale Alert on Twitter and later explained by Paolo Ardoino, CTO of Bitfinex and Tether.
On Oct. 21, 8 million USDT was chain swapped from Omni to Tron. On Oct. 19, 30 million USDT got chain swapped from Omni to Tron and 20 million USDT on Oct. 18. 5 million USDT were chain swapped from Omni to Tron on Oct. 12. A day before, 15 million USDT was also part of this chain swap.
In this month alone, as of yet, a total of $93 million USDT has been transferred to Tron blockchain. Now, as per Tether’s website, out of the total $4.4 billion USDT, $2.145 billion are on Omni blockchain, more than $2 billion on Ethereum blockchain, $5.251 million on EOS, and $279.5 million on Tron blockchain.
This is soon expected to surpass the $300 million mark as Tron founder and CEO, Justin Sun took to Twitter (on Oct. 21) to share, “254 million USDT on TRON today! 300 million is coming soon!” The total number of USDT on Tron blockchain has seen an increase of nearly 180%, in the last 6 months.
Apart from making these swaps to the Tron blockchain, this month, Tether also minted new USDT (2.5 million on Oct. 12, 20 million on Oct. 11, 20 million on Oct. 7, 12,387,600 USDT on Oct. 7, and 12,600,000 USDT on Oct. 4) into circulation. A few swaps to other blockchains were also made.