Throughout 2024, the leading stablecoin, USDT, has been shattering records, achieving over 18 million weekly transfers on EVM chains. IntoTheBlock, an AI-driven platform designed for financial services that cater to DeFi institutional investors, highlighted that this impressive weekly transfer volume marks a significant milestone for the premier stablecoin. They shared this information on their official social media channels.
USDT has been breaking records all year with over 18M weekly transactions on EVM chains!
78% of these transactions occur on the
@trondao, making it the go-to choice for transfers.
pic.twitter.com/Hw6C3oAP5y
— IntoTheBlock (@intotheblock)
August 3, 2024
### USDT Experiences Notable Surge in Weekly EVM-Chain Transfers in 2024
In a recent post on X, IntoTheBlock noted that a significant portion—70%—of these transfers took place on the Tron network, establishing it as the preferred choice for transactions. Tron functions as a stablecoin, offering low fees and minimal price volatility, which have contributed to reduced transaction costs. These factors have reportedly bolstered USDT’s appeal for users.
Furthermore, IntoTheBlock indicated that an impressive 94% of USDT’s total value is locked within the Tron ecosystem. The market capitalization of USDT also reflects a favorable trend, with the stablecoin reporting a substantial profit of $5.2 billion in the first half of this year.
### USDT Dominates Stablecoin Market Growth After Terra UST’s Downfall
The market capitalization of USDT has surged to approximately $120 billion. The overall stablecoin market has also expanded, reaching its highest market capitalization since the collapse of Terra’s UST. According to IntoTheBlock, this development has solidified USDT’s leading position in terms of market growth.