- Tether (USDT) reaches a record 18 million weekly transactions on EVM chains.
- Tron accounts for 78% of USDT transactions and holds 84% of USDT addresses.
- Tether reports $5.2 billion in profits for H1 2024, maintaining over 70% market share.
The largest stablecoin, Tether (USDT), has continued to achieve record-breaking performance this year, with over 18 million weekly transactions on Ethereum Virtual Machine (EVM) chains alone. Analytics platform IntoTheBlock highlighted this milestone in a recent update.
Notably, the graph accompanying the update shows a steady uptrend in USDT transaction counts over the years, culminating in the recent record of 18 million weekly transactions.
Furthermore, the report from IntoTheBlock revealed that a staggering 78% of these transactions are occurring on the Tron (TRX) blockchain. This makes Tron the leading platform for USDT transfers, outpacing other EVM-compatible chains.
Moreover, IntoTheBlock data revealed that there are currently 48 million addresses holding USDT across Tron’s ecosystem, with a significant 84% of them being Tron-based. As a result, the report stressed Tron’s significance as a platform for expanding USD accessibility through Tether.
Notably, USDT’s record 18 million weekly transactions this year coincide with its parent company announcing a $5.2 billion profit in the first half of 2024. Tether saw a net operating return of $1.3 billion in the second quarter of the year. Meanwhile, in Q1, they saw an unprecedented return of $4.52 amid the bull frenzy of the time.
This milestone coincides with USDT maintaining arguably the most consistent growth trajectory in the crypto space, achieving new highs in July despite a broader market downturn.
Furthermore, IntoTheBlock observed that USDT is demonstrating multifaceted growth. The largest stablecoin is not only nearing a significant milestone of $120 billion in market capitalization, but it has also achieved an all-time low in volatility throughout July. Moreover, USDT continues to dominate the market, consistently accounting for over 70% of the market share, a level it has maintained throughout 2024.
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