Blockchain data indicates a significant surge in user activity on the Tron network, reaching unprecedented levels. This growth is attributed to strong retail adoption and the increasing popularity of the high-speed, low-cost blockchain.
The number of daily active addresses on the Tron network reached a new record of 5.7 million on Tuesday, surpassing the previous high of 5.4 million set the day before. Furthermore, the network processed over 12.6 million transactions on Tuesday, marking the highest daily tally since June 12, 2023, according to TRONSCAN data.
Blockchain analytics platform Nansen commented on this surge, stating, "No headlines. No hype. Just raw throughput. That’s top-tier activity with zero fanfare."
Nansen's data reveals a 69% increase in daily active Tron addresses over the past week, bringing the total to nearly 11.1 million. This represents the largest week-on-week change observed among major blockchains.
USDT on Tron: A Preferred Choice for Many Users
While Tron's decentralized finance ecosystem may not be as extensive as Ethereum's, it plays a crucial role in facilitating stablecoin transfers. The network handles between 15 to 20 million Tether (USDT) stablecoin transfers weekly, making it one of the most utilized token and chain payment combinations within the cryptocurrency space.
This combination is particularly prevalent in Africa, Asia, and South America. It provides local populations with access to high-speed, low-cost US dollar-pegged token transfers, offering a valuable alternative where direct access to the US dollar is often restricted.
Tether recently celebrated reaching its 500 millionth USDT user on October 21. Paolo Ardoino, Tether's CEO, described this milestone as "likely the biggest financial inclusion achievement in history."
The World Bank Group estimates that approximately 1.4 billion adults worldwide lack access to banking services. Cryptocurrencies offer a potential solution to this issue, as individuals can utilize a crypto wallet on a smartphone to receive money and securely store funds.
USDT Remains the Dominant Stablecoin
Tether (USDT) continues to be the largest stablecoin by a significant margin. With a market capitalization of $183.2 billion, it holds a 58.8% market share, according to CoinGecko. Circle's USDC follows as the second-largest stablecoin, with a market cap of $76.2 billion.
Ethereum currently hosts the largest amount of USDT in circulation, valued at $83.4 billion. Tron ranks second, with $78.7 billion in USDT, as per DefiLlama data.