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The top stablecoin USDT has been breaking its records throughout 2024 with more than 18 million weekly EVM-chain transfers. IntoTheBlock, an AI-driven programmable platform for financial services facilitating DeFi institutional investors, has mentioned that this significant per-week amount of transfers indicates a remarkable development for the chief stablecoin. The platform took to its official social media account to provide details regarding this.
🚀 USDT has been breaking records all year with over 18M weekly transactions on EVM chains!
— IntoTheBlock (@intotheblock) August 3, 2024
78% of these transactions occur on the @trondao , making it the go-to choice for transfers. pic.twitter.com/Hw6C3oAP5y
USDT Sees Exclusive Spike in Weekly EVM-Chain Transactions During 2024
In its latest X post, IntoTheBlock mentioned that seventy percent of the respective transfers took place on the Tron network. This turned the crypto token into a go-to choice in the case of transactions. Tron operates as a stablecoin with low fees as well as decreased price fluctuations. This has paved the way for decreased fees. These factors have reportedly contributed to USDT’s popularity in terms of transactions.
Apart from that, IntoTheBlock asserted that ninety-four percent of the total value of the crypto token is locked within the Tron ecosystem. Along with that, the market capitalization of USDT has also presented a positive outlook. According to IntoTheBlock, USDT reported a substantial $5.2B profit during the 1st half of the current year.
USDT Leads the Stablecoin Market Growth Following Terra UST’s Crash
Moreover, the market capitalization of USDT touched up to $120B. Additionally, the growth of the overall market of the stablecoin has also increased. It has reportedly witnessed its largest market capitalization following the crash of the UST of Terra. According to IntoTheBlock, this paved the way for the leading position of USDT in terms of growth.