Justin Sun wants to increase the presence of stablecoins on the Tron network

Disclosure

Updated: 20 March 2023

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Join Our Telegram channel to stay up to date on breaking news coverage

Tron (TRX) has recently seen a significant surge in the stablecoin presence on its network. According to new data, Tron’s stablecoin market cap has gone up by 8% over the last week alone, taking it to the $40 billion mark.

DeFillama recorded an inflow of over $1 billion in stablecoins to the network on March 12th. Only five days later, on March 17th, an additional inflow of $917.49 million followed.

Tether dominates the TRON network

The majority of the stablecoins within the TRON ecosystem represent Tether (USDT), with 94.36% of the total stablecoin presence belonging to the crypto industry’s largest stablecoin project. Tether is currently the third-largest cryptocurrency on the market, with a market cap within Tron sitting at $39.26 billion, while its total market cap exceeds $76.3 billion. In the last 30 days, Tether has seen 8.26% growth in its market cap within Tron.

Apart from Tether, another stablecoin project with a notable presence is TrueUSD (TUSD), which has also grown its supply by quite a bit in the last week. DeFillama shows that TUSD supply within the Tron ecosystem went up by 118%, reaching $1.31 billion. While this pales in comparison to Tether’s presence, it is still enough to make TUSD the second-largest stablecoin on the Tron network.

TUSD’s total stablecoin supply recently exceeded the $2 billion mark, as it became one of the biggest gainers lately. This was likely possible due to the issues that have struck its two major rivals — USD Coin (USDC) and Binance USD (BUSD).

Interestingly, the third-largest stablecoin within Tron’s ecosystem is USDD — Tron’s own algorithmic stablecoin. However, its market cap is now $534 million after it surged by around 5% over the past 30 days. As for USDC, its recent depeg following the collapse of Silicon Valley Bank has damaged the stablecoin’s reputation enough for its supply to sink within the Tron network. The project saw a decline of nearly 60%, pushing it down to $440.5 million.

Apart from these notable stablecoins, there are two more that have found their way into the Tron network, including HUSD and USDJ.

Justin Sun wants to push the stablecoin market cap to $60b

While the new milestone is quite an achievement for Tron, the project’s CEO, Justin Sun, now wishes to push the stablecoin market cap to $60 billion. His goal is to reach this figure before the end of the year, which he announced in a recent tweet.

2023 brings its fair share of challenges, but we at #TRON are more committed than ever to achieving our goals! Our focus remains on the growth of the #stablecoin, #USDT #TUSD #USDD #USDC #USDJ on #TRON. We aim to grow our stablecoin market cap from $40 billion to $60 billion.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 17, 2023

Sun also noted that the crypto industry is struggling with many issues at the moment and that there has been a fair number of challenges that the industry has to overcome in 2023.

As we navigate these testing times, we’ll continue to innovate and improve upon our infrastructure, ensuring that our users have a secure, reliable, and efficient platform to conduct their transactions. Your trust in us fuels our drive to deliver the best services possible.

On his end, he and his team are committed to growing the stablecoins within the network and in doing so, contributing to the nurturing of the global stablecoin market.

Despite the challenges ahead, we are excited to play our part in nurturing the global stablecoin market, contributing to the development of #DeFi, and shaping the future of finance.🚀With your support, we'll keep striving to make #TRON the go-to platform for stablecoin growth! 🏆

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 17, 2023