USDT, the leading stablecoin, has been shattering its own records throughout 2024, boasting more than 18 million weekly transactions on EVM chains. IntoTheBlock, a sophisticated AI-driven platform for financial services in DeFi and institutional investing, highlighted this surge as a significant milestone for the dominant stablecoin. The platform took to its official social media channels to share these insights.
During 2024, USDT has seen an unprecedented spike in weekly transactions on EVM chains. IntoTheBlock’s latest update noted that a substantial 70% of these transactions occurred specifically on the Tron network, solidifying its status as the preferred choice for such operations. Tron operates with minimal fees and reduced price volatility, making it an attractive platform for transactions, thus contributing to USDT’s widespread adoption.
IntoTheBlock also reported that a remarkable 94% of USDT’s total value is currently locked within the Tron ecosystem, underscoring its strong presence and utility within the network. Concurrently, USDT’s market capitalization has shown robust growth, with a notable $5.2 billion profit reported in the first half of the year.
In addition, USDT’s market capitalization surged to $120 billion, marking a significant increase in the stablecoin market overall. This growth trajectory has been particularly notable following the crash of Terra’s UST, as highlighted by IntoTheBlock, further solidifying USDT’s leading position in the stablecoin market.
Overall, USDT’s performance in 2024 reflects its dominance and growing influence within the cryptocurrency ecosystem, driven by substantial transaction volumes and strategic ecosystem integration on platforms like Tron.
