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Justin Sun’s Tron (TRX) passes Visa on this key metric

source-logo  invezz.com 21 June 2024 06:51, UTC

Tron, the cryptocurrency started by Justin Sun, has crossed an important metric as it continues to gain market share.

On-chain data shows that the volume of Tether (USDT) traded on the network soared by almost 10% in the past 24 hours, reaching a high of $53 billion. This happened as the number of USDT on the network jumped to over 45 million while the transfer count surged to over 1.8 billion.

These numbers mean that Tron has now passed Visa, the biggest financial services platform in the world. According to LookOnChain, Visa handled over $3.78 billion in the first quarter and averaged $42 billion per day.

The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa's average daily trading volume.

Visa's trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE

— Lookonchain (@lookonchain) June 21, 2024

The same is true with Mastercard, the second-biggest company in the world that handled $2.3 trillion in volume. This means that the network’s daily transaction volume stood at over $25 billion per day.

Tron has grown to become one of the biggest players in the crypto industry. It has a total value locked (TVL) has soared to over $8.1 billion, making it the third-biggest chain after Ethereum and Solana.

The amount of stablecoins in the ecosystem has jumped to more than $58 billion, with Tether having the biggest market share.

Meanwhile, Tron has become one of the most profitable players in the industry. Data shows that Tron has made over $730 million this year, making it the second one after Ethereum, which has made over $1.6 billion this year.

Tron’s market cap has also been growing rapidly with a market cap of over $10 billion. This makes it the 13th-biggest cryptocurrency in the world.

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