Justin Sun talks about a record milestone for USDT on the Tron network
Justin Sun, a well-known entrepreneur and founder of blockchain Tron, spoke about an important milestone in the history of the Tether (USDT) stabelcoin. He noted that there is a new record for USDT based on the TRC-20 standard. According to his assurances, the circulating supply of the stable coin based on the sought-after network reached $43.1 billion.
According to the Asian businessman, USDT TRC-20 took the first place among all Stablecoins in terms of issuance in one network. According to the entrepreneur, the stable blockchain-based Tron coin served as the most important gateway for people. He emphasized: it opened access for users to new technology and the decentralized finance sector. Sun noted that Stablecoin was necessary for it to continue to change and improve everyday life around the world.
There has been a lot of talk recently about this cryptocurrency asset class. Excitement stirred in the market a few weeks ago. It came after the collapse of several traditional banks in the U.S. Silicon Valley Bank (SVB) was holding some of the collateral for another USD Coin Stablecoin (USDC). Because of this, it temporarily lost its peg to the value of the U.S. dollar (USD), which caused panic among investors and traders.
However, as of March 22, 2023, the situation has calmed down. Leading stable coins were available on the market at a value of $1. The market capitalization of USDT was $77.56 billion, and trading volumes with the stable coin were equal to $46.88 billion in the past 24 hours.
As for USDC, this token traded at $0.998 The total supply of coins in circulation amounted to $35.2 billion. Market participants executed $4.81 billion worth of transactions with stablcoin during the reporting period.
In the last few years, steiblocoins have gained a lot of popularity around the world. Many experts have said that this digital asset class will become very important for the future development of the global economy and financial sector
