Tether's USDT stablecoin on the TRON network has overtaken Visa's daily transaction volume. We've been waiting for this for quite a while. This marks a significant milestone in the cryptocurrency sector.
Market intelligence firm Lookonchain reported the development on social media platform X. The 24-hour trading volume of USDT on TRON reached $53 billion earlier this week. That's 10% more than the previous day.
Meanwhile Visa's average daily trading volume stood at $42 billion. In general, Visa processed $3.78 trillion in transactions during Q1 2024.
Tether recently launched a new gold-backed stablecoin called aUSDT. The digital asset is backed by Tether Gold (XAUT), which is linked to physical gold reserves in Switzerland.
Paolo Ardoino, Tether's CEO, commented on the launch: "While the stabilization mechanism is different compared to traditional options like USDT, this innovative solution marks an exciting milestone."
Ardoino also revealed plans to incorporate this technology into Tether's upcoming digital asset tokenization platform. So it becomes clear that Tether's is going to try to keep its leadership in the stablecoin space.
Not to mention that the surge in USDT's volume on TRON highlights the growing importance of stablecoins in the digital economy. A few years ago we would only laugh at people who could assume that stablecoins will overcome such a financial monster as Visa in volumes.