#TronBlockchain #TVL #Stablecoins #USDT #ReflexivityResearch #DeFi #JustLend #CryptoMarket
As per a recent report by Reflexivity, it has been observed that the Total Value Locked (TVL) of stablecoins on the Tron Blockchain had a slight decrease in the latter half of 2023, but ultimately increased to reach an all-time high of approximately $48 billion. Interestingly, almost 94% of this total value can be attributed to USDT. Tron has retained its top spot as the preferred blockchain for USDT, overtaking Ethereum by approximately 8% in terms of TVL.
Tether, one of the first fiat-backed stablecoins in the cryptocurrency market, initially launched on Bitcoin’s Omni chain and later adopted Ethereum. However, it is currently predominantly traded on Tron and Ethereum. In Ethereum, a balanced mix of USDT and USDC on-chain is noticeable, whereas Tron is heavily dominated by USDT. This is evident in Tron contracts, where the USDT Token contract consumes most on-chain energy, accounting for around 95.6% of all contracts. Therefore, it can be inferred that Tron is primarily used for USDT transactions with limited diversification. In 2023, USDT volume saw a moderate rise, but what was particularly enlightening was the 130% growth in the number of USDT holders during the same period.
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