Reserve

Tether USDt

USDC

BUSD

TrueUSD

Tron (<a href="https://cryptoslate.com/coins/tron/">TRX</a>) stablecoin&#8217;s dominance has reached a record high of 33.9% — primarily due to the rising supply of Tether USDT, according to data from DeFiLlama.
The stablecoin market on the network is currently valued at $44.52 billion after a <a href="https://defillama.com/stablecoins/Tron">1.1% increase</a> in the last seven days. USDT accounts for 95% of the stablecoins on the Tron network — with $42.29 billion.
<figure id="attachment_319481" aria-describedby="caption-attachment-319481" style="width: 1102px" class="wp-caption aligncenter"><img class="size-full wp-image-319481" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-21-085946.jpg" alt="Stablecoin dominance" width="1102" height="490" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-21-085946.jpg 1102w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-21-085946-300x133.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-21-085946-1024x455.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-21-085946-768x341.jpg 768w" sizes="(max-width: 1102px) 100vw, 1102px" /><figcaption id="caption-attachment-319481" class="wp-caption-text">Source: DeFillama</figcaption></figure>
The growth aligns with Justin Sun&#8217;s <a href="https://twitter.com/justinsuntron/status/1636779915407249408?s=20">goal</a> of growing the stablecoin supply on the network. In March, the crypto entrepreneur said the goal is to increase the Tron stablecoin market to $60 billion before the end of the year.
In 2023, the Justin Sun-led blockchain network dominance has risen by more than 10%, according to DeFillama data.
Meanwhile, Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) remains the dominant blockchain for stablecoins — with a market cap of $70.97 billion.
<h2 id="usdt-continues-impressive-run">USDT continues impressive run</h2>
Tether&#8217;s USDT has had a largely <a href="https://cryptoslate.com/research-tether-shines-as-leading-stablecoin-in-evolving-market/">positive 2023</a>, with its market cap rising 6.18% in the past month to $81.4 billion — its highest point since April 2022. USDT&#8217;s dominance also hit 62.1% — its highest point since April 2021,
Among the five top stablecoins, only TrueUSD (<a href="https://cryptoslate.com/coins/true-usd/">TUSD</a>) saw its supply increase within the period. TUSD&#8217;s supply has more than <a href="https://cryptoslate.com/tusds-supply-crosses-2b-amid-banking-woes-for-stablecoin-rivals/">doubled</a> in 2023, growing to above $2 billion and enjoying more <a href="https://cryptoslate.com/binances-bitcoin-liquidity-for-tusd-surges-250/">adoption</a> from crypto exchanges like Binance.
Meanwhile, Binance USD (<a href="https://cryptoslate.com/coins/binance-usd/">BUSD</a>), USD Coin (<a href="https://cryptoslate.com/coins/usd-coin/">USDC</a>), and DAI supply significantly declined within the period. USDC supply fell 13.63% to $30.83 billion, while BUSD declined roughly 20% to $6.61 billion. DAI plunged 10.13% to $4.85 billion.
<h2 id="stablecoin-regulations-incoming">Stablecoin regulations Incoming?</h2>
Some regulatory clarity might be coming to the stablecoin industry after the U.S. House Committee on Financial Services released the <a href="https://docs.house.gov/meetings/BA/BA21/20230419/115753/BILLS-118pih-Toproviderequirementsforpaymentstablecoinissuersresearchonadigitaldollarandforotherpurposes.pdf">draft</a> of a proposed regulation.
The proposed legislation intends to make the Federal Reserve the primary regulatory body for stablecoins and require nonbank entities to register. The bill also imposes a moratorium on algorithmic stablecoins.
Besides that, the Committee recently met with some stakeholders from the industry to discuss the issues plaguing the space.
The post <a rel="nofollow" href="https://cryptoslate.com/trons-60b-goal-in-sight-as-stablecoin-dominance-surges-fueled-by-tethers-impressive-run/">Tron&#8217;s $60B goal in sight as stablecoin dominance surges – fueled by Tether&#8217;s impressive run</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

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

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