Tron’s $60B goal in sight as stablecoin dominance surges – fueled by Tether’s impressive run
According to DeFiLlama data, the Tron (TRX) stablecoin dominance reached a record high of 33.9%. This is mainly due to the increased supply of Tether USDT.
The stablecoin market on the network is currently worth $44.52 billion. 1.1% increase in the last 7 days. USDT is his 95% of the stablecoins on the Tron network, accounting for $42.29 billion.
growth is Justin Sun goal To increase the stable supply of coins on the network. In March, the crypto entrepreneur said his goal was to bring the Tron stablecoin market to $60 billion by the end of the year.
Data from DeFillama shows that in 2023, the dominance of blockchain networks led by Justin Sun will rise by more than 10%.
Ethereum (ETH), on the other hand, remains the dominant blockchain of stablecoins, with a market cap of $70.97 billion.
USDT Continues Impressive Moves
Tether’s USDT is mostly positive in 2023, with its market cap rising 6.18% to $81.4 billion last month. This is his highest since April 2022.
Of the top 5 stablecoins, only TrueUSD (TUSD) increased its supply during the period. TUSD supply will more than double in 2023, surpassing $2 billion, with increasing adoption from cryptocurrency exchanges such as Binance.
On the other hand, the supply of Binance USD (BUSD), USD Coin (USDC), and DAI decreased significantly during the period. USDC supply fell 13.63% to $30.83 billion, while BUSD fell about 20% to $6.61 billion. DAI plunged 10.13% to $4.85 billion.
Coming Stablecoin Regulation?
US House Committee on Financial Services draft of the proposed rule.
The proposed bill is intended to make the Federal Reserve the primary regulator of stablecoins and require entities other than banks to register. The bill also imposes a moratorium on algorithmic stablecoins.
In addition, the Commission recently met with industry stakeholders to discuss issues plaguing the sector.
As the dominance of stablecoins soars, Tron’s $60 billion target is in sight – boosted by Tether’s impressive run, first appearing on CryptoSlate.
