The Tron-based stablecoin Tether ballooned to 900 million tokens recently and ever since its migration to other networks besides the BTC-based Omni protocol, has shifted positively and saw its presence rising.
Tron’s TRC20 and Ethereum’s ERC20 standard certainly had a lot to do with the positive Tron news. For instance, the Ethereum-based USDT supply currently sits at over 2.2 billion tokens while the Omni equivalent stands at near 1.5 billion. The Tron network also adds over 900 million Tethers (USDT) to this mix which shows that the once-controversial stablecoin shows no signs of stopping.
As a testament to its almost ubiquitous popularity, the expansion to other networks from the Omni Layer has been good news for Tether (USDT). The asset is stable and liquid even in volatile markets.
However, the crypto critics have been here all the time. From alleged market manipulation with ties to Bitfinex to terms of service revisions detailing that USDT is no longer backed by dollars, Tether has been a target of many attacks. However, Tether ballooned to 900 million tokens via Tron now – showing that critics can do nothing to stop the stablecoin from growing.
Speaking of growth, the rise of the ERC20 and TRC20 standards clearly shows that Tether (USDT) retains its demand even when it is not associated with the Bitcoin Core protocol. Ever since the announcement of TRC20 Tether in March 2019, USDT supply on the Tron Network has risen to 900 million tokens and counting.
What’s also very interesting is the fact that Tron USDT now counts almost 22% of the total supply. Just like that, in October 2019 it made up almost 12% of all Tethers but this year, it is growing very fast. Given that the supply of USDT across all networks is 4,207,771,504, this means that TRC20 tethers make up a solid part of the total supply of tokens.
In contrast to this and the fact that Tether ballooned on the Tron network, the stablecoin’s amount on the Omni Layer at Ethereum’s network has dwindled over the past period. Now, the Ethereum news show that the ETH network is housing over 2.2 billion tethers on chain.
It will be very interesting to see what Tether brings in 2020 and how will USDT be migrated to other networks.
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