EU and US could reach trade deal this weekend - Reuters
U.Today - The Tron (TRX) network has registered significant activity in the last seven days in terms of stablecoin volume. Notably, the USDT/USDC stablecoin on the network increased by $2.12 billion, signaling massive trading by users in the ecosystem.
Implications of Tron dominance in stablecoin transfers
According to Lookonchain data, while Tron recorded a massive increase, Ethereum (ETH) suffered a significant decline. In the last seven days, Ethereum lost $2.44 billion in stablecoin liquidity.This development reflects Tron’s growing dominance over Ethereum in stablecoin transactions. Tron possibly flipped Ethereum due to its lower fees and faster settlement time.
It signals a shift in stablecoin activity as liquidity migrates from Ethereum to Tron due to possible changing market preferences. If the trend persists, it will prove users are likely shifting attention away from Ethereum, which used to dominate the sector.
This could trigger increased adoption of Tron as the preferred blockchain for users in everyday transactions in certain regions. Such a development might impact TRX, causing it to gain in value.
Notably, TRX is often used as transaction fees on the Tron network, and increased stablecoin activity suggests high network usage. This might trickle down to fuel the coin’s value growth.
Is there new leader in stablecoin space?
Interestingly, U.Today reported last week that the volume of USDT supply on the Tron network outstripped that of Ethereum. Tron hit a market cap of $73.8 billion in stablecoins to edge out Ethereum, the prior market leader. Ethereum has a market cap of $71.9 billion in USDT supply.As of press time, the TRX price was changing hands at $0.2653 after hitting a peak of $0.273. Meanwhile, Tron investors are active on the crypto market and have increased trading volume by 69.18% to $938.02 million.
Market participants and investors look forward to seeing how events unfold for the Tron network and if they impact the price of TRX.