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The USDC activity on the Tron [TRX] blockchain has already reached a significant breakthrough. According to the most recent Tronscan data. One of the world’s second-largest stablecoin’s circulating supplies reached $111.68 million on July 4th.
This announcement comes just four days after CENTRE, a consortium Coinbase, one of the top cryptocurrency exchanges, announced that Tron will support USDC. In addition, Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos will also support USDC.
Moreover, Circle CEO Jeremy Allaire previously stated,
“TRON has built a massively successful blockchain platform and network. And one of the most widely used in stablecoin transactions. We are thrilled to bring the benefits of a trusted dollar digital currency like USDC to this expanding ecosystem of users and developers.”
Increasing Tron popularity and USDC’s dominance
It is important to note that USDC has seen unprecedented activity in recent quarters. According to reports, it could soon become a dominant stablecoin on the Ethereum network. It has quickly become one of the most popular stablecoins in the decentralized finance [DeFi] sector. Further, over 50% of USDC supply held in smart contracts, currently amounts to nearly 12.5 billion USDC. Furthermore, Tether’s growing legal woes diverted users away from USDC, which could lead the stablecoin to gradually losing its grip.
Meanwhile, this new achievement on the TRX blockchain may indicate that market participants are increasingly looking for other blockchains that facilitate transactions at a much lower cost and significantly faster rate than Ethereum. Furthermore, the TRX blockchain has seen rapid growth for USDT on its network. USDT on Justin Sun’s blockchain recently surpassed that on Ethereum.
In short, USDC’s increasing market dominance has coincided with Tron’s growing popularity as a critical alternative to the Ethereum network.
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