IntoTheBlock, a cryptocurrency analysis platform, has released data revealing the usage of Tether (USDT), the largest stablecoin in the crypto market, on blockchain networks. The survey shows that USDT had over 18 million transactions last week, approaching its all-time high.
The data indicates that the TRON network dominates USDT transactions, accounting for 78.3% of the total. Polygon comes in second place with 8.6% of all Tether transactions. When examining on-chain volumes, the survey found that USDT experienced $140 billion in volume across all networks last week.
The report noted, “TRON leads in on-chain volume with an impressive 67.11% share, thanks to its low transaction fees and high availability on major exchanges. Ethereum follows with 28.63%, facilitating transfers of higher amounts despite higher costs.”
In terms of holders and maintenance time, the data shows that TRON has the highest number of unique addresses holding USDT, with 36 million. Ethereum follows with 5.2 million addresses.
The report also highlighted that longer retention times indicate that USDT on Ethereum and TRON is used as a store of value, while USDT on Avalanche and Optimism is likely used more for transactional and DeFi-related applications.
The stablecoin market has been experiencing significant growth recently. Stablecoins are gaining popularity among cryptocurrency users due to their stability compared to cryptocurrencies like Bitcoin and Ethereum. According to a survey by the Santiment platform, the number of wallets for the two largest stablecoins, Tether and USD Coin (USDC), has seen a considerable increase this year, with USDC wallets growing by 13.9% and Tether wallets growing by 15.7%.
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