Tether (USDT) Closes In on 1B Coins on TRON (TRX) Network
The USDT inflow into TRON is helping the network boost its presence, especially in the case of special exchange-based promotions.
The minting of USDT on the TRON (TRX) network continues, with more than 916 million stablecoins already in circulation. The prevalence of TRON-based USDT may grow, soon to take over above 25% of all issued stablecoins.
The asset competes with the USDT issued on the Ethereum (ETH) network, where around 2.2 billion coins are in circulation.
But the effect of USDT is also going through an evolution, as it is not the only significant factor in Bitcoin (BTC) price discovery. The total number of USDT remains constant at 4,108,044,456 coins, but the composition based on different blockchains is changing.
The TRON-based USDT has also been problematic, giving rise to scams. Impersonators of Justin Sun are also selling faked USDT to naive buyers after direct contact.
The scams coincide with the real promotion of TRON-based USDT to multiple international exchanges. The asset is fighting for its 1-millionth coin, with scammers making use of the overall hype.
The TRC-20 asset is being distributed in incentive programs. A week ago, OKEx held a giveaway for staking USDT. On December 7, the asset was added to the Exmo exchange, one of the leading Russian markets.
Despite the high liquidity with more USDT, TRX has stalled around $0.014. The asset is moving away from the top 10 of coins and tokens, despite the social media noise. TRX has remained stagnant, and has been listed mostly to new exchanges with slim volumes.
Binance.US has stated it would test TRX for listing, with no guarantee the asset would be added. TRON remains a controversial network, significantly popular for gambling distributed apps, but also inviting criticism for its potential to centralized.
The recently launched DDOS token has now expanded, with more than 76 million tokens minted. The asset uses TRON network resources to create rewards, which can then be sold on the open market.