Tron Emerges as Stablecoin Powerhouse, Surpasses Bitcoin, Ethereum and Solana with $566M in Q3 Revenue

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Tron’s stablecoin ecosystem has propelled the network to new heights, generating $566 million in revenue in Q3 2023 and securing its position as a major player in the blockchain space.

The network’s impressive performance is largely attributed to its robust stablecoin activity, with Tron now controlling 34.8% of the stablecoin market. This positions it as the second largest blockchain for stablecoins, providing a staggering $59.8 billion worth of these digital assets. Tether’s USDT dominates this ecosystem, representing 98.3% of stablecoins on Tron.

Stablecoin Growth in Emerging Markets

Tron’s stablecoin supply has seen a significant increase of 21.6% this year, reflecting increased adoption and trust in the network. This growth has been particularly notable in emerging markets such as Nigeria and Argentina, where users are taking advantage of Tron’s low fees and fast transactions to access stablecoins as a hedge against local currency volatility and gain exposure to the US dollar.

At the beginning of this year, the Tron network saw a 54% increase in user accounts, surpassing 204 million, with a transaction volume of more than $10 trillion and a TVL of $8.14 billion, ranking the second globally. In July, Tron’s fees surpassed Ethereum’s, largely due to dominant USDT transfer activities.

The success of the stablecoin network has had a negative effect on its overall performance. Daily transactions on Tron now exceed 8 million, driven mainly by stablecoin transfers. This increased activity has led to an increase in average transaction fees from around 20 cents to $1 over the past two years, helping to boost the network’s revenue.

Tron’s Q3 revenue of $566 million represents a 43% increase from the previous quarter and puts it ahead of major blockchain networks like Ethereum, Solana and Bitcoin in terms of quarterly earnings. This growth trajectory has caught the eye of industry watchers, with Tron founder Justin Sun expressing confidence in continued expansion in the coming months.

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