Tron network leads in stablecoin market share amid growing monthly transfer volume
2024.08.16 18:01
Tron has grown to become the second blockchain to Ethereum in stablecoin market share.
Data from Coin Metrics Network reveals that stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market share, which currently stands at $161.1 billion. This is a significant increase from a supply of $46.6 billion it held a year ago.
Tron trails the Ethereum network, which dominates the stablecoin market supply at $89.7 billion, representing 55.7% of the total supply.
Stablecoin supply by network. Source: Coin Metrics Network
Growth in the stablecoin supply on Tron coincides with an increase in transfer volume, which has grown by 5.1% over the last 30 days and 158% year-to-date to reach $58.75 billion. Other chains like Ethereum and BNB Chain saw year-to-date increases in volume of 103% and 46.5% respectively. Stablecoin transfer volumes on Solana have dropped by 75% over the same period.
Stablecoin year-to-date transfer volumes. Source: Artemis
Tron’s dominance is evidenced in the daily total stablecoin transfer volume, which stood at $17.4 billion on Aug. 15, dwarfing Solana’s $6.4 billion and BNB Chain’s $1.6 billion on the same day.
Related: Circle proposes new capital-risk framework for stablecoins
Moreover, the $17.4 billion in stablecoin transferred on Tron on Aug. 15 is 222%% more than the $5.4 billion stablecoin transfer volume on Aug. 15, 2023.
Stablecoin transfer volumes one year. Source: Artemis
In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Tron, pushing its total value locked to $10.55 billion on March 14, 2024, its highest level ever, according to data from DefiLlama. The TVL has increased by 12% since Aug. 5 to the current value of $7.617 billion.
Total value locked on Tron. Source: DefiLlama
This has also been evidenced by the increased onchain revenues, where Tron has witnessed a significant increase over the last year.
Daily revenue on the Tron network increased by 27% during the year, running up to Aug. 16 to $1.5 million.
Total revenue generated on Tron. Source: DefiLlama
Over the same period, daily volume on Tron-based decentralized applications rose by more than 672%, from $4.61 million to $35.57 million.
The price of TRX, Tron’s native token, has also been, rising over 80% in the last 12 months to trade at $0.133 at the time of publication. The price of the layer-1 token is now 55% from its January 2018 all-time high of $0.30.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
