Tron (TRX) stablecoin’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 1.1% increase in the last seven days. USDT accounts for 95% of the stablecoins on the Tron network — with $42.29 billion.
The growth aligns with Justin Sun’s goal 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 (ETH) remains the dominant blockchain for stablecoins — with a market cap of $70.97 billion.
USDT continues impressive run
Tether’s USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion — its highest point since April 2022. USDT’s dominance also hit 62.1% — its highest point since April 2021,
Among the five top stablecoins, only TrueUSD (TUSD) saw its supply increase within the period. TUSD’s supply has more than doubled in 2023, growing to above $2 billion and enjoying more adoption from crypto exchanges like Binance.
Meanwhile, Binance USD (BUSD), USD Coin (USDC), 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.
Stablecoin regulations Incoming?
Some regulatory clarity might be coming to the stablecoin industry after the U.S. House Committee on Financial Services released the draft 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.
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