Remarkable Growth From TRON and These 9 Altcoins!

Market giants such as TRON, USDT, BUSD and ETH had a largely positive 2023 on TVL and volume terms. The crypto projects that stand out in the recovery process and the names behind them are as follows:

Tron network’s $60 billion goal comes true

According to data from DeFiLlama, the dominance of the Tron (TRX) network in the stablecoin market has reached a record 33.9%, mainly due to the increasing supply of Tether USDT.

The stablecoin market on the network is currently worth $44.52 billion after an increase of 1.1% over the past seven days. USDT accounts for 95% of stablecoins on the Tron network, with $42.29 billion.

The growth was in line with Justin Sun’s goal of increasing the supply of stablecoins on the network. In March, the crypto entrepreneur said that the goal is to increase the Tron stablecoin market to $60 billion before the end of the year. Blockchain network dominance increased by more than 10% in 2023, led by Justin Sun, according to DeFillama data.

Meanwhile, Ethereum (ETH) remains the dominant blockchain for stablecoins, with a market cap of $70.97 billion. The general view of the list and the weights are as follows:

1. Ethereum (ETH): 51.02%
2. Tron (TRX): 33.9%
3. Binance Smart Chain: 4.89%
4. Arbitrum (ARB): 1.5%
5. Polygon (MATIC): 1.14%
6. Solana (LEFT): 1.13%
7. Avalanche (AVAX): 0.94%
8. Optimism (OP): 0.51%
9. Phantom (FTM): 0.3%
10. Omni (OMNI): 0.28%

USDT continues its impressive run

Backed by Tether, USDT saw its market cap increase 6.18% last month to reach $81.4 billion. The largest stablecoin had a largely positive 2023, reaching its highest point since April 2022. USDT’s dominance also reached 62.1%, climbing to the highest point since April 2021.

Among the top five stablecoins, only TrueUSD (TUSD) has seen an increase in supply over the period. The supply of TUSD has more than doubled in 2023 to over $2 billion, gaining more adoption from crypto exchanges like Binance. As Kriptokoin.com, we have included the developments that highlight TUSD in this article.

Meanwhile, the supply of Binance USD (BUSD), USD Coin (USDC), and DAI has decreased significantly over the period. Supply of USDC fell 13.63% to $30.83 billion, while BUSD fell roughly 20% to $6.61 billion. DAI fell 10.13 percent to $4.85 billion.

Could stablecoin regulations be a potential danger?

Some regulatory clarity may come to the stablecoin industry after the US House Financial Services Committee publishes a proposed draft regulation. The proposed legislation aims to make the Fed the primary regulator for stablecoins and require non-bank entities to register.

Regarding stablecoin regulations, Binance faced a restrictive sanction from US regulators in March. In addition, the US Committee recently met with some industry stakeholders to discuss the issues plaguing the space. On the European side, new proposals are being prepared with the MiCA, which has just been approved.