$2 Billion USDT Migrate from Tron to Ethereum & USDC is Added to Stellar
Paolo Ardoino, the CTO at Tether CTO, announced via Twitter that a staggering $2 Billion USDT would be transferred from Tron to the Ethereum network as USDC is Integrated into the Stellar Network
Despite the frequency with which these transfers take place, this specific transfer has been the largest amount ever migrated from Tron to Ethereum as it represents about 20% of USDT circulating in Tron prior to the transfer.
After the transfer, Ethereum has a total circulation of $18.3 Billion USDT while Tron has $8.3 Billion, according to Tether’s transparency page.
USDT has become the most popular stablecoin ever since its inception, having a significant impact on the activity of the networks that offer it.
At this time, USDT is available in Ethereum, Tron, Omni, EOS, Liquid, Algorand, SLP, and Solana, with a total supply of over $27 Billion mostly in the Tron and Ethereum networks.
Tron’s USDT Trading Volume Surpasses Ethereum
Over the last 3 weeks, the number of USDT transactions taking place in the Tron Network has surpassed Ethereum’s count, with Ethereum processing about 1.5 million transactions while Tron is running almost 2 million transactions.
The driving forces behind this rise in popularity of the Tron network seem to be the lower fees and the time it takes to process the transactions. Ethereum gas prices remain high around $8 dollars, just one week after reaching $19.
While the total value of USD moved by Ethereum is larger than Tron’s, the growing popularity of Tron among smaller transactors continues raising as Ethereum’s fees are only justifiable on large transactions.
These concerns about high fees have plagued the Ethereum Network ever since the DeFi boom in 2020, driving applications and users away as paying for small transactions becomes impossible as in the case of blockchain gaming, which saw a heavy decrease in activity back in 2020.
Blockchains like Polkadot, Cardano, and Tron have been quick to capitalize on these issues by offering scalable solutions that aim to offer higher performance with lower fees. However, only time will tell if Ethereum 2.0 will be able to ensure the continued dominance of Ethereum.
More Stablecoin Move to New Blockchains
The Stellar Development Foundation announced on February 2nd that USD Coin (USDC), the second most popular stablecoin, had been successfully integrated into the Stellar Network. Originally announced in October of 2020, the integration had been greatly anticipated by crypto investors.
USD coin has more than doubled its total supply over the past 3 months, reaching a circulating supply of $6 billion according to CoinMarketCap, with a total transacted value of 373 $billion since its launch.
New Additions for Stellar
The addition of USDC to the Stellar network is an essential milestone for the blockchain, as this is the first major stablecoin to support the network.
This integration is likely to attract users to the stellar network by allowing them to invest and operate by facilitating cross border payments and hedging strategies.
“Bringing a strong, stable asset to stellar is crucial. We want to do cross-border payments fast this is going to help provide the scale”, stated Denelle Dixon, Stellar Development Foundation CEO.
Other factors driving the increasing popularity of Stablecoins over the last weeks is the O.S. Office of the Comptroller of the Currency’s announcement that US banks were now permitted to use stablecoins to perform bank-permissible functions.
This resulted in Stellar’s cryptocurrency soar and USDC’s supply double as Visa revealed its intentions to use USDC to connect its global payment network, which has over 60 million merchants and would facilitate the adoption of the stablecoin as an alternative to fiat currencies in everyday situations.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow