According to the CEO of CryptoQuant, a competitor to Ethereum (ETH) has gained a significant share of USDT stablecoin transactions. Ki Young Ju shared on X that the amount of USDT on Tron (TRX) is now over three times the market cap of the layer-1 blockchain.
“TRX has found strong product-market fit in stablecoin use cases. The TRON blockchain processes 92% of USDT transactions and holds $60 billion in USDT, while the TRX market cap is only $17 billion. TRX-based USDT is widely used in global trade for low-cost, fast stablecoin remittances.”
Justin Sun established the Tron network in September 2017, with the mainnet launching in May 2018. Ki Young Ju mentioned that Sun has developed “the largest global stablecoin trade remittance system.”
“I’m not receiving any compensation for this, and I don’t own TRX, but I believe he has made a significant impact in the stablecoin field and has done something right.”
Regarding Bitcoin (BTC), the CEO of CryptoQuant stated that it is premature to label the primary digital asset as being in a bubble.
“Historically, the market cap tends to surpass the realized cap in bull markets, peaking as retail investors join in. In bear markets, the market cap often falls below the realized cap.”
On the potential price trajectory of Bitcoin, the CEO of CryptoQuant suggested,
“Based on the current realized cap, it could reach $141,000. The realized cap has been steadily increasing daily.”
Bitcoin is currently priced at $98,223.
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Generated Image: Midjourney