The number of Tether (USDT) in circulation on the TRON blockchain has surpassed that of Ethereum for the first time. This milestone for the TRON community comes amid the network congestion and expensive transaction fees plaguing Ethereum, which has since been the dominant blockchain for the US dollar stablecoin.
Tether Minted 2 Billion USDT in TRON
The USDT count on TRON exceeded Ethereum on Wednesday, after Tether issued two billion TRC-20 USDT, as spotted by Whale Alert.
At the moment, there are currently 23.9 billion USDT issued on the TRON blockchain, according to the network explorer. All the stablecoin are in circulation, and they are held in about 2,941,573 addresses. As per Etherscan, however, there are 23.4 billion USDT available on the Ethereum blockchain. These coins are held in 3,013,778 Ethereum addresses.
Aside from the circulating supply, the number of USDT transactions on TRON has also surpassed that of Ethereum. TRON records over 102,568,516 USDT transfers, while Ethereum sees as low as 99,677,327 transfers within the same time.
Gas Fees Hike is Gradually Killing Ethereum
It’s not surprising that TRON could flip Ethereum in USDT circulation at this time. Many users and projects deserted Ethereum in recent months due to the congestion on the network, which consequently resulted in high transaction fees. Ethereum is currently expensive for small users to make transactions, hence the need to search for alternatives.
Apparently, Binance Smart Chain (BSC) and TRON have been the most blockchain networks benefiting from the current plague on Ethereum. This is evident in daily transactions on the blockchain. Both BSC and TRON outperform Ethereum in daily transaction count.
