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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Tron’s USDT Triumphs: Daily Volume Climbs Above $53 Billion, Dwarfing Visa

Christian Encila
Christian Encila
1 year ago
3 mins read
USDT

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Leading a quiet revolution in the financial sector is USDT, Tether’s digital token linked to conventional currencies. USDT has become the clear leader in the stablecoin market in a historic first when it exceeded Visa’s average daily transaction volume on the Tron blockchain. This boom represents increasing faith in stablecoins and their ability to upset the financial scene.

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USDT Flexes Muscles

USDT clearly dominates. Accessible on several blockchains, its market capitalisation has skyrocket since its 2014 launch. But especially remarkable is the latest milestone on Tron, a blockchain famed for reduced transaction fees. Lookonchain data shows USDT transactions on Tron beating Visa’s daily average of $42 billion by reaching an amazing $53 billion in a single day. This 20% lead emphasises how stablecoins are becoming more popular for regular purchases.

The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa’s average daily trading volume.

Visa’s trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE

— Lookonchain (@lookonchain) June 21, 2024

Why The Rise Of Stablecoins?

What then is fueling this explosion? Stablecoins provide a refuge of consistency unlike unpredictable price movements of conventional cryptocurrencies. Usually connected to fiat money like the US dollar, their value is somewhat steady. Their stability makes them perfect for daily transactions; it also helps to remove the anxiety of unexpected price declines afflicting conventional cryptocurrencies. Furthermore using blockchain technology, stablecoins allow quicker, less expensive, more transparent transactions than more traditional systems.

USDT market cap currently at $112 billion. Chart: TradingView

Regulation On The Horizon

Governments are rushing to build rules as stablecoins acquire popularity. Similar projects in the UK and the Lummis-Gillibrand Payment Stablecoin Act in the US show a worldwide concern for guaranteeing user protection and financial stability in the face of this invention. While sensible development depends on these rules, negotiating the always shifting political environment adds still another level of complication. For example, the UK’s crypto policy is yet unknown given a general election approaching.

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The Future Of Finance

Stablecoins seem to have unstoppable momentum despite all the difficulties. Unquestionably, their capacity to close the distance between conventional banking and the crypto realm benefits Although daily transaction volume is erratic and issues like growing transaction fees on Tron have to be addressed, generally the trend is evident.

Here to stay are stablecoins, and their influence on the world financial system is probably really significant. Stablecoins might transform daily transactions as rules evolve and technology develops, therefore bringing in a new era of financial inclusion and efficiency.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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