Recent data reveals that the daily average volume of Tether (USDT) transactions on the Tron (TRX) blockchain has surpassed the daily transaction volume of credit card giant Visa.
According to a post by market intelligence firm Lookonchain on the social media platform X, Tether’s dollar-pegged digital asset on Tron achieved a 24-hour trading volume of $53 billion earlier this week, marking a nearly 10% increase for the day. In contrast, Visa’s daily transaction volume stood at $42 billion during the same period.
The data further indicates that over this 24-hour period, USDT processed over 2 million transfers, reflecting a 5.14% increase from the previous day.
In addition to its significant transaction volumes, Tether recently announced the launch of a new gold-backed stablecoin. Known as aUSDT, this digital asset will be backed by Tether Gold (XAUT), ensuring it is supported by physical gold reserves held in Switzerland.
Tether’s CEO, Paolo Ardoino, highlighted the distinct stabilization mechanism of aUSDT compared to traditional stablecoins like USDT. He expressed enthusiasm about this innovative solution and its potential market interactions. Ardoino also mentioned plans to incorporate this technology into Tether’s forthcoming digital asset tokenization platform.
The surpassing of Visa’s daily transaction volume by Tether on Tron underscores the growing influence and adoption of blockchain-based digital assets in financial transactions. It also highlights the evolving landscape where traditional financial mechanisms are increasingly being supplemented, if not challenged, by cryptocurrency solutions.
As Tether continues to innovate with new products like the gold-backed aUSDT, the stablecoin ecosystem is poised for further expansion and integration into broader financial markets. This development not only enhances the utility of stablecoins but also fosters trust and stability within the cryptocurrency space.
