Popular stablecoin Tether (USDT) briefly surpassed the average daily trading volume of payments giant Visa on the Tron blockchain network. Data from TronScan, a block explorer, shows USDT reaching a daily volume of $53 billion, exceeding Visa’s Q1 2024 average of $42 billion by $9 billion.
This news highlights the growing adoption of cryptocurrencies, particularly stablecoins like USDT, in Africa. According to Christopher Maurice, founder of Yellow Card, a crypto fintech platform, Africans are increasingly turning to USDT on Tron due to its low transaction fees and ability to hedge against inflation. Many users reportedly find Tron a more suitable network for these purposes compared to larger blockchains like Ethereum.
However, Tron hasn’t seen smooth sailing with all stablecoin providers. Earlier this year, both Circle, the issuer of USDC (another major stablecoin), and cryptocurrency exchange Binance halted support for USDC transactions on the Tron network, citing concerns about trust, transparency, and safety.
While USDT’s dominance on Tron showcases the potential of cryptocurrencies, the network still faces challenges in building trust with established players in the financial landscape.
