Tron, a blockchain company that has entered the American Nasdaq market, is emerging as a new strong player by surpassing Ethereum in stablecoin distribution volume, ranking first. Just as Galaxy smartphone users utilize KakaoTalk based on Android, stablecoin users are choosing the Tron network instead of Ethereum.
According to blockchain data analysis firm CryptoQuant on the 29th, the volume of stablecoin Tether (USDT) distributed through Tron as of last month was $80.8 billion, surpassing Ethereum's $73.8 billion to rank first. This is an increase of about 34% compared to the distribution volume in January ($60 billion). The number of USDT transactions on the Tron network averaged 2.4 million per day, seven times more than Ethereum. CryptoQuant noted, "The dominance of Tron's stablecoin transaction network is growing," adding, "Tron's role in cryptocurrency payment and remittance infrastructure is strengthening."
To transfer a digital dollar stablecoin to another person or institution, one must choose a blockchain network. Just as credit card payments are processed on a payment network built by card companies, stablecoins are transferred through specific blockchain networks. Various blockchain networks exist, such as Ethereum, Polygon, and Avalanche, but most have used Ethereum.
However, as the number of Ethereum network users increased, criticisms began to emerge about the longer time and higher fees required for transfers. Naturally, the advantages of Tron's lower fees and faster transfers became highlighted. According to CryptoQuant, about 75% of stablecoin transactions through the Tron network had no fees. Nevertheless, last month, Tron’s revenue reached $300.38 million (about 400 billion won), setting a new record.
As the popularity of Tron increases, the market capitalization of the cryptocurrency issued by Tron, TRX, rose to $29.2 billion on the 24th, surpassing Cardano (ADA) to rank 9th. As of that afternoon, the price of Tron was $0.32, having increased by 18.7% in a month.
The stock price of Tron (TRON Inc), listed on Nasdaq, was $10.8, rising by 22.93% in a week. Over the past month, it has surged by 41.34%, and it has skyrocketed by 2612.3% over the last three months.
Earlier, Tron founder Justin Sun entered the Nasdaq market through a strategic equity investment in SRM Entertainment, a toy development and manufacturing company that was listed on Nasdaq. SRM purchased $100 million worth of Tron (365.1 million units) and then staked it to earn interest income, showcasing a cryptocurrency treasury strategy. SRM was the first U.S. company to hold Tron instead of Bitcoin or Ethereum. Subsequently, SRM changed its name and ticker to Tron.