The circulating supply of USDC on the Tron blockchain has crossed hundred million dollars in less than a month, according to blockchain data. This might be another indication that digital asset traders are progressively turning to blockchains networks that provide inexpensive transaction fees with higher speed than what exists on Ethereum.
The development came just a day after Circle, the virtual asset-focussed financial service firm behind the dollar-pegged stablecoin, mentioned it added support for USDC on Tron blockchain. One of the mentioned goals of doing so is assisting growth of USDC in Asia and around the globe, as per Circle’s website.
Justin Sun Tron and USDC Stablecoin
Justin Sun’s Tron network has already gained traction for the quick burgeoning of the largest stablecoin by market capitalization (USDT) on the network. As per previous media reports, there are a comparatively larger number of Tether on Tron than on Ethereum blockchain network.
Ryan Watkins, a Research Analyst at Messari, noted that the primary difference from how USDC is used on Ethereum network is that on Tron it’s usually used for inter-exchange transfers. He further mentioned that almost all of the USDC supply on Tron is concentrated in the top ten TRX addresses.
Tether’s and now USDC’s growth on Tron could be an indicator that “a lot of exchanges just move stablecoins over to Tron instead of Ethereum to avoid fees,” Watkins said.
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