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Tron-issued USDT stablecoin now the 5th largest in the market

Biraajmaan Tamuly

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Source: Pixabay

Tron is presently lacking any significant relevancy in the market, something reflected by Google Trends which revealed that Tron had declined to a search index score of only 36 over the last week after registering a complete score of 100 in the 2nd week of January, 2019.

Source: Google Trends

However, it’s in the news again after in a recent tweet, CEO Justin Sun announced that the Tron-issued USDT was the 5th largest stablecoin in the industry, claiming that TRC20 USDT was on its way to becoming the largest stablecoin in the world. The statement may have been far-fetched, considering the fact that OMNI-based USDT and Ethereum-issued USDT have nearly 2 billion free float tokens, in comparison to Tron’s estimated 200 million tokens.

Binance has a major share in terms of Tron-Tether ownership as it holds over $150 million of the total tokens. The world’s largest exchange by volume recently unfroze 11.9 billion TRX tokens on its network and its “Super Representative” status went up for the Tron Foundation.

Over the past week, other major developments have also surfaced after Justin Sun announced Tron’s integration with BitGo, an integration which would enable them to dwell further into DeFi applications and bolster institutional adoption for Tron.

Speaking about dApps, Tron’s latest weekly report also suggested that dApps on the Tron network had recorded a total volume of around $79 million, outperforming the likes of EOS and ETH.

At press time, Tron did not exhibit any positive growth as a decline of 5.05 percent was witnessed. Tron continued its navigation out of the top-1o spot, but the current development may propel the token back into the bracket.

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.