Paolo Ardoino, the CTO at Tether CTO, announced via Twitter that a staggering $2 Billion USDT would be transferred from Tron to the Ethereum network as USDC is Integrated into the Stellar Network
Despite the frequency with which these transfers take place, this specific transfer has been the largest amount ever migrated from Tron to Ethereum as it represents about 20% of USDT circulating in Tron prior to the transfer.
After the transfer, Ethereum has a total circulation of $18.3 Billion USDT while Tron has $8.3 Billion, according to Tether’s transparency page.
USDT has become the most popular stablecoin ever since its inception, having a significant impact on the activity of the networks that offer it.
At this time, USDT is available in Ethereum, Tron, Omni, EOS, Liquid, Algorand, SLP, and Solana, with a total supply of over $27 Billion mostly in the Tron and Ethereum networks.
Tron’s USDT Trading Volume Surpasses Ethereum
Over the last 3 weeks, the number of USDT transactions taking place in the Tron Network has surpassed Ethereum’s count, with Ethereum processing about 1.5 million transactions while Tron is running almost 2 million transactions.
The driving forces behind this rise in popularity of the Tron network seem to be the lower fees and the time it takes to process the transactions. Ethereum gas prices remain high around $8 dollars, just one week after reaching $19.
While the total value of USD moved by Ethereum is larger than Tron’s, the growing popularity of Tron among smaller transactors continues raising as Ethereum’s fees are only justifiable on large transactions.
These concerns about high fees have plagued the Ethereum Network ever since the DeFi boom in 2020, driving applications and users away as paying for small transactions becomes impossible as in the case of blockchain gaming, which saw a heavy decrease in activity back in 2020.
Blockchains like Polkadot, Cardano, and Tron have been quick to capitalize on these issues by offering scalable…