Tron Surpasses Ethereum as the Top Network for USDT Transactions

Tron, the blockchain known for its affordability and accessibility, has emerged as the top network for USDT transactions, surpassing Ethereum

Tron has become the leading network for USDT transactions, overtaking Ethereum, Solana, and Arbitrum in both daily volume and raw transaction count.

The surge is nearly entirely driven by peer-to-peer stablecoin transfers, with over 93% of all on-chain activity going towards these tokens, highlighting the network’s role in facilitating direct wallet-to-wallet payments.

This finding is part of a broader analysis by Crypopltiatan, which sheds light on the unique characteristics of the Tron network.

The network processes more than 2.38 million USDT transactions daily, with transfer volumes surging to new heights. In the past seven days alone, the total value of USDT transactions on Tron is estimated to be transferring at a rate of $14 billion to $28 billion, depending on market conditions.

Its narrow focus on payments and limited engagement with DeFi protocols notwithstanding, Tron has been generating record network fees.

In the recently concluded quarter, the network stiched together $818.3 million in transaction fees, and throughout 2024, the total is expected to be over $2.4 billion.

This makes it the highest-earning Layer 1 blockchain by transaction fees, even outpacing all other chains combined.

The report also notes that a majority, over 71%, of USDT on Tron is still held by retail wallets, a testament to the network’s success in driving grassroots adoption.

Tron has also seen consistent growth in daily active accounts, which are now estimated to be over 3 million, compared to 2.5 million in January.

Despite a lack of involvement in DeFi protocols like lending or borrowing, and skepticism surrounding the authenticity of some of Tron’s metrics and the limited use cases beyond payments, the chain’s dominance in stablecoin activity is a fact.

Earlier this week, Tron founder Justin Sun announced that the chain is nearing 300 million total wallets, promising a reward for the milestone user.

As Tron continues on its expansion journey, it further cements its role as the preferred blockchain for facilitating large-scale, low-cost digital dollar transfers.

In 2024, the Tron network achieved $2.12 billion in revenue, a 115% increase from 2023. TRX token purchases contributed $329.57 million, up 115.73% year-over-year, according to TronScan.