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Tron’s Surge to Rival Visa’s Settlements: $1.25 Trillion USDT Volume in Q2 2024

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Recent data from Token Terminal highlights a significant achievement for the Tron blockchain. The transfer volume of Tether (USDT) on Tron has skyrocketed, marking a new chapter in the stablecoin market. This surge underscores the network’s growing importance in global financial transactions, particularly when compared to traditional payment systems like Visa.

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Source: Token Terminal

The network’s journey in the stablecoin market has been nothing short of remarkable. In Q2 2020, the network’s USDT transfer volume stood at a modest $25.2 billion. Fast forward to Q2 2024, and this figure has catapulted to an astounding $1.25 trillion. This rapid growth reflects the increasing reliance on blockchain networks for secure and efficient transfers.

When comparing the network’s USDT transfer volume to Visa’s annual settlement volume, the scale of the network’s rise becomes clear. Visa, the global payment giant, processed $15 trillion in transactions during FY23, as stated by CEO Ryan McInerney. Astonishingly, the network’s USDT transfer volume in just one quarter of 2024 has reached nearly one-third of Visa’s yearly total. This comparison highlights the expanding role of blockchain in the global financial ecosystem.

Tron and Other Stablecoin Transactions Across Networks

Further insights from Dune Analytics reveal the broader adoption of USDT on Tron. Transaction counts have surged from around 3 million in early 2021 to over 15 million by August 2024. Notably, Tron is being used for larger transactions, with many exceeding $100,000. This trend points to Tron’s growing appeal for significant financial transfers.

On the other hand, the BNB network shows a contrasting trend. While USDT transaction counts on BNB have also risen sharply, the majority are smaller payments under $1,000. This suggests that BNB is favored for more frequent, lower-value transactions, unlike Tron, which is increasingly utilized for high-value transfers.

In summary, Tron’s rapid growth and increasing relevance in the stablecoin market signal a potential shift in how global payments are conducted, with blockchain networks playing a more prominent role alongside traditional systems like Visa.

Tron among 10 blockchain platforms stablecoin USDC plans to expand

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Tron has been chosen as one of the ten blockchain platforms that Centre has enabled its members to issue the stablecoin USDC. Center is a consortium that is operated by cryptocurrency exchange Coinbase and payments firm Circle. Initially launched on the Ethereum blockchain, USDC was slowly expanded across other platforms such as Algorand, Stellar, and Solana chains in late 2020.

Apart from Tron, USDC will now be implemented on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos. The official press release of the stablecoin issuer read,

“From inception, our vision was to support USDC on multiple blockchain platforms. Bringing USDC to multiple chains enables users to take advantage of the speed, scalability and cost efficiency provided by next generation public chains.”

The latest move by Center is touted be the extensive expansion of the leading stablecoin as it eclipsed the eight blockchains that support the market leader, Tether’s USDT, which boasts a market cap of more than $62 billion. Over the past couple of months, USDC has witnessed massive growth especially due to unprecedented rally in the cryptocurrency market. The expansion comes in the heels of USDC surpassing the $25 billion market cap for the first time ever.

Following the development, Tron Foundation CEO, Justin Sun tweeted,

“Stablecoins will continue to play an important role and thrive in the cryptocurrency market, and TRC20-USDC’s roadmap and development on TRON is most definitely something to keep an eye on!”

Tron as a popular alternative

Tron also hosts USDT which has seen equally explosive growth in the past quarter. Another biggest contributing factor that resulted in the growth of the USDT on the Tron blockchain was the frustratingly high transaction fees on Ethereum that led many market participants who often use the stablecoin during trading to leave promptly from short-term trades and lock in gains with an asset at a stabilized value.

Just last month, the stablecoin issuer Tether had released 30 billion USDT as TRC20 tokens on the Tron blockchain, which went on to become the highest amount the stablecoin has ever issued on any chain.

Pornhub Now Accepts Tether [USDT] As Website Begins To Tackle PayPal Pullout

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Mass adoption of cryptocurrency has always been helped along by companies adding them to their fold. Pornhub, the largest entertainment website on the planet has turned out to be one of the most avid players in the cryptocurrency field.

Pornhub recently announced that they will be launching an array of payment options for its customers soon. These cryptocurrency payment options are expected to make purchases on the website easier and faster.

The adult entertainment website revealed that from January 24, 2020, onwards, the website will begin accepting USDT, Cosmo Payment as well as direct deposits. This was developed as a workaround Paypal’s decision to stop payouts to thousands of models in November 2019.

Pornhub claimed that the payments have to be fair and the integration of cryptocurrency will only make it faster and easier to conduct transactions. Pornhub had added TRX as a form of payment in 2018 and Justin Sun, the CEO of Tron lost no time in praising the website for its latest decision. Sun had tweeted:

“If you’re on @Pornhub , stop what you’re doing. #USDT is now an option for models on Pornhub! Pornhub is using USDT-TRON to support models seeking payment solutions. This is a brilliant way to support the victims of centralized payment platforms like PayPal. #TRON #TRX”

Pornhub stated that USDT was added to its roster because of how users can conduct transactions globally within a few seconds and free of cost. The USDT-Tron partnership was on full show here too, as Pornhub models can be paid securely through Tronlink. Tronlink is a popular Tron wallet that focuses majorly on security and the cryptocurrency’s infrastructure.

Once the Tronlink wallet is set up, all users need to do is to click on the ‘USDT’ option and then start transactions. Another payment method integrated by Pornhub was Cosmo Payment, a free and safe global access system. According to the Pornhub website:

“It’s [Cosmo Payments] free, safe, and offers global access, meaning you can withdraw from your local ATM machine, make online and in-store purchases wherever debit and credit cards are accepted, and view your bank statements online or with the Cardportal app.”

Pornhub also expanded its direct deposit spectrum to Australia and Puerto Rico. This latest feature only works if the user has an Australian or Puerto Rican address and if the bank account deals in AUD or USD.
The latest addition of cryptocurrencies comes after PayPal decided to completely stop paying the Pornhub models for the videos. This had caused quite a furor in the community as the decision was taken with no warning.
Several countries across the globe have asked payment services to not facilitate adult websites due to a string of problems. Some reports have shown that the money sent through adult websites such as Pornhub is sometimes redirected for malicious activities such as drug and human trafficking.
Cryptocurrency enthusiasts believe that adding a stablecoin to Pornhub would give the power back to the sender and the receiver. The community is now waiting for the transactions to take place so that they can track the real positive effect of capital movement outside of cryptocurrency exchanges.