The present circulating supply of USD coin [USDC] on the Tron blockchain surpasses 108 Mln in less than a month, consistent with blockchain data. This might be another sign that crypto traders are increasingly turning to blockchains that offer cheaper transaction fees with faster speed than what’s found on Ethereum [ETH].
The achievement came just each day after Circle, the cryptocurrency-native financial service firm behind the USD-pegged stablecoin, added that it added support for USDC on Tron. One of the stated goals of doing so is “permitting [USDC] growth in Asia and around the globe,” consistent with Circle’s website.
Blockchain data reveal that the primary transfer of USDC on Tron was on 11th June
A stablecoin, USDC is pegged 1:1 to the USD, with each token redeemable for an equal number of dollars.
Renowned cryptocurrency influencer Justin Sun’s Tron blockchain has already gained traction for the rapid climb of the leading stablecoin by asset cap, Tether [USDT], on the network. As reported, there is more Tether on Tron than on Ethereum, the blockchain of Ether [ETH], as traders favor blockchains that offer faster and cheaper transactions.
While tether is among the foremost traded crypto asset, there’s been among quick-growing adoption of USDC on DeFi [Decentralized Finance], consistent with data from CoinGecko. Additionally, data from Glassnode reveal that almost half the USDC supply is presently utilized in smart contracts.