USDT Sets Unprecedented Records in 2024 with Over 18M Weekly EVM-Chain Transfers
The popular stablecoin USDT has been shattering previous records in 2024 with a staggering number of over 18 million weekly EVM-chain transfers. IntoTheBlock, a technology-driven platform for DeFi institutional investors, hailed this massive volume of weekly transfers as a significant milestone for the prominent stablecoin. The platform took to its official social media account to share the details of this remarkable achievement.
“🚀 USDT has been breaking records all year with over 18M weekly transactions on EVM chains! 78% of these transactions occur on the @trondao, making it the go-to choice for transfers.” – IntoTheBlock (@intotheblock) August 3, 2024
According to IntoTheBlock’s latest report, the majority (70%) of these transfers were conducted on the Tron network, solidifying its position as the preferred platform for USDT transactions. Tron stands out with its stablecoin status, offering low fees and reduced price volatility. These factors have contributed to the widespread adoption of USDT as the go-to stablecoin for transactions.
Notably, IntoTheBlock also revealed that a significant 94% of the total value of USDT is locked within the Tron ecosystem. Additionally, the stablecoin’s market capitalization has witnessed a positive trajectory, with a prosperous first half of the year, resulting in a substantial profit of $5.2 billion.
Furthermore, USDT’s market capitalization has soared to an impressive $120 billion, and its overall market growth has surged, particularly following the crash of Terra’s UST. IntoTheBlock attributes this growth to USDT solidifying its position as a leading player in the stablecoin market.
USDT’s record-breaking performance in 2024 reflects its dominance in the realm of stablecoins, with a vast number of transfers and widespread acceptance on EVM chains.