Tron’s $60 billion goal in sight as stablecoin dominance grows – fueled by Tether’s impressive run

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tron (TRX) Stablecoin dominance has reached an all-time high of 33.9%, mainly due to the growing supply of Tether USDT, according to data from DeFiLlama.

The stablecoin market on the network is currently valued at $44.52 billion after a 1.1% increase in the last seven days. USDT accounts for 95% of stablecoins on the Tron network – with $42.29 billion.

Growth aligns with Justin Sun aim to develop the supply of stable coins on the network. In March, the crypto entrepreneur said the goal was to grow the Tron stablecoin market to $60 billion before the end of the year.

In 2023, the dominance of the blockchain network led by Justin Sun has increased by more than 10%, according to data from DeFillama.

Meanwhile, Ethereum (ETH) remains the dominant blockchain for stablecoins – with a market capitalization of $70.97 billion.

USDT continues impressive run

Tether’s USDT has largely positive 2023with a market capitalization up 6.18% over the past month to $81.4 billion – its highest point since April 2022. USDT dominance also reached 62.1% – its highest point the highest since April 2021,

Of the top five stablecoins, only TrueUSD (USD) saw its supply increase over the period. TUSD’s supply has more than double in 2023, surpassing $2 billion and benefiting from more adoption crypto exchanges like Binance.

Meanwhile, Binance USD (BUSD), USD coin (USDC), and the supply of DAI decreased significantly over the period. USDC supply fell 13.63% to $30.83 billion, while BUSD fell about 20% to $6.61 billion. DAI plunged 10.13% to $4.85 billion.

Regulation Stablecoin Incoming?

Some regulatory clarity may be coming to the stablecoin industry after the US Financial Services Committee released the disorganized of a proposed settlement.

The proposed legislation seeks to make the Federal Reserve the primary regulator of stablecoins and to require non-bank entities to register. The bill also imposes a moratorium on algorithmic stablecoins.

Additionally, the Committee recently met with industry stakeholders to discuss the issues plaguing the space.

The post office Tron’s $60 billion goal in sight as stablecoin dominance grows – fueled by Tether’s impressive run appeared first on CryptoSlate.

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