Stablecoins are experiencing a surge in value on the layer-1 blockchain Tron (TRX), as reported by the crypto tracker Lookonchain.
According to Lookonchain, the value of USDT and USDC on Tron has increased by $2.17 billion in the past week. USDT and USDC are currently the top two stablecoins by market cap.
Tether, the issuer of USDT, has minted an additional 1 billion USDT on Tron just on Monday, bringing the total supply of USDT on the chain to $71.7 billion. Since the end of January, Tether has minted a total of 12 billion USDT.
Lookonchain also reports that the value of USDT and USDC on Tron saw a $623 million increase in the week leading up to April 21st, and a $1.52 billion increase in the week leading up to April 14th.
Nansen, a multichain AI analytics platform, highlights that Tron has been dominating the fee game over the past 30 days, with Solana (SOL) closely following behind.
Nansen also notes that Tron has generated $11.7 million in fees in the past seven days, with Solana at $8.75 million and Ethereum at $4.75 million.
TRX is currently trading at $0.246. The 10th-ranked cryptocurrency by market cap has seen relatively stable trading in the past week.
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