Tether's CTO, Paolo Ardoino, took to Twitter to reveal the transfer of a hefty $2 billion USDT from one blockchain to another. Tron to the Ethereum network USDC has now been successfully added to the Stellar network, broadening its reach.
Although blockchain transfers are not uncommon, this particular movement marks the most substantial shift from Tron to Ethereum, representing about one-fifth of the USDT on Tron before this change.
Post-transfer, Ethereum's USDT circulation stands at $18.3 billion, with Tron holding $8.3 billion, as per Tether’s transparency report.
Since its creation, USDT has dominated the stablecoin market, profoundly influencing blockchain activity on platforms offering it.
USDT is now across multiple networks including Ethereum, Tron, Omni, and Solana, amassing over $27 billion, majorly within the Tron and Ethereum realms.
Tron's USDT trades have surged past Ethereum's, highlighting its significant volume.
In the last three weeks, Tron has outdone Ethereum in terms of USDT transactions, witnessing nearly 2 million, outpacing Ethereum's 1.5 million.
The driving forces behind this rise in popularity Tron's edge lies in lower transaction fees and faster processing times, with Ethereum gas fees hovering around $8, down from a previous $19.
Even though Ethereum handles more USD value, Tron's appeal grows among smaller traders due to Ethereum's fees being more justifiable for larger transfers.
High transactional fees have been a sticking issue for Ethereum since the DeFi boom of 2020, which deterred users, especially in areas like blockchain gaming where high costs hampered participation.
Platforms like Polkadot, Cardano, and Tron are capitalizing on Ethereum’s shortcomings by delivering scalable and cost-efficient solutions, but only time will tell if Ethereum 2.0 can reclaim its lead.
An increasing number of stablecoins are finding their homes on novel blockchains.
The Stellar Development Foundation announced on February 2nd the successful integration of USD Coin (USDC) into the Stellar Network, eagerly awaited since its announcement was first made in October 2020.
USD Coin has seen its supply more than double over the past three months, now standing at $6 billion, with a transaction value surpassing $373 billion since its inception.
New Additions for Stellar
The addition of USDC The addition of USDC to Stellar is a pivotal development, marking the arrival of its first major stablecoin.
This strategic move is expected to attract users to Stellar by facilitating cross-border transactions and providing hedging opportunities.
Denelle Dixon, CEO of the Stellar Development Foundation, emphasized the importance of integrating a robust and stable asset like USDC to enhance cross-border transactions and scalability.
Various drivers have fueled stablecoin popularity recently, including the U.S. Office of the Comptroller of the Currency's decision to permit banks to utilize stablecoins for banking functions.
This announcement spurred Stellar's cryptocurrency value and USDC's supply surged after Visa announced plans to incorporate USDC into its global payment network, which connects over 60 million merchants.
