The Rise of Tron in Stablecoin Transactions
Tron (TRX), while not the most prominent blockchain, has been making significant progress in terms of transactions involving USDT. According to Google Trends, global interest in Tron USDT has been on par with Ethereum USDT in the past year.
Brevan Howard’s Research Supports the Trend
A paper published by Brevan Howard, a hedge fund based in the Isle of Jersey with over $35 billion AUM, titled “The Relentless Rise of Stablecoins,” further confirms this trend. The document reveals that between January and August 2023, Tron accounted for 35% of volume, 37% of transactions, and 49% of active stablecoin addresses.
Decline of Ethereum in Stablecoin Activity
The paper also highlights a decline in Ethereum’s role in stablecoin activity. Not only has Tron gained ground, but other blockchains like Avalanche (AVAX) and Polygon (MATIC) have also seen increased activity.
Tron’s Strategic Partnerships
Tron has partnered with Curve Finance to bring its decentralized exchange (DEX) to the Tron network. Additionally, it integrated with Google Cloud to enhance on-chain activity.
A Contradictory Reputation
Despite its growth in 2023, Tron and its founder Justin Sun have faced controversy within the community. Sun was even sued by the SEC in March 2023 for allegedly selling unregistered securities.
Hot Take: Tron Emerges as a Force in Stablecoin Transactions
Tron’s rise in stablecoin transactions is evident through increased global interest and supported by Brevan Howard’s research. While Ethereum’s influence diminishes, Tron, along with other blockchains, is gaining traction. Despite controversies surrounding its founder, Tron continues to forge strategic partnerships and expand its presence in the crypto space.
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