Ethereum blockchain rival, Tron achieved a milestone record today with the number of its Tether stablecoin supply exceeding five billion. Tether (USDT) is the most-traded US dollar-backed stablecoin. Since Tron blockchain launched support for the stablecoin, the supply has been growing gradually. Tron founder Justin Sun had planned to make TRC-20 USDT the most popular, outperforming that of the second-largest blockchain, Ethereum.
— Justin Sun🌞 (@justinsuntron) November 9, 2020
Tether supply on Tron blockchain exceed 5 billion
As Justin shared on Monday, the number of USDTs on the blockchain surpassed 5.1 billion today. Looking at the blockchain explorer, Tronscan, there are exactly 5,145,511,427 Tether stablecoin running on the Tron blockchain. All the stablecoins are currently in circulation and held across 1,319,818 Tron addresses. Nearly 23 million (22,969,187) transactions were conducted on the blockchain using the TRC-20 USDT stablecoin.
The development comes six days after Tether swapped about $100 million worth of USDTs on the Tron blockchain to Ethereum. The Tron community criticized such a decision from Tether, with many people arguing that transactions with TRC-20 USDT require less fee. Although transactions with USDTs on Ethereum are costly compared to Tron, it still is the dominating blockchain for the stablecoin.
— Whale Alert (@whale_alert) November 2, 2020
According to Etherscan, the network explorer for Ethereum, there are currently 11.2 billion USDT running on the blockchain. This is more than double the total supply on the Tron network, making Ethereum the largest blockchain for the stablecoin. The USDTs are held across more than 1.8 million addresses, with 69 million transactions already performed. Aside from Ethereum and Tron, Tether stablecoin is also available on some other blockchain networks, including the Omni layer protocol.
Omni is the first network that hosted the Tether stablecoin, basically on the Bitcoin blockchain. Despite being the first network, however, it has a very low record of USDT supply compared to Tron and Ethereum. There are about 1.3 billion USDT on the network.
Amongst other US dollar-backed stablecoin, USDT ranks as the most-traded due to its market valuation. For months now, the stablecoin outperformed Ripple (XRP) as the third-largest cryptocurrency by market capitalization. Meanwhile, Tether has a total supply of 17.8 billion USDT, of which 17.2 billion are currently in circulation. With the circulating supply, Tether has a market cap of around $17.27 billion.