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Tron Stablecoin Market Capitalization Crosses $40B, Justin Sun Eyes $60B

2 mins
Updated by Ryan Boltman
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In Brief

  • Stablecoins on Tron now have a market cap of over $40 billion.
  • Tether's USDT account for roughly 95% of these stablecoins.
  • Tron's founder Justin Sun has set a $60 billion target for 2023.
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Tron’s stablecoin market capitalization has grown by more than 8% in the last seven days, crossing the $40 billion mark, according to DeFillama data.

Over the past week, the Tron network witnessed a massive inflow of more than $1 billion on March 12 and $917.49 million on March 17, according to DeFillama data.

USD Inflow to Tron
USD Inflow to Tron (Source: DeFillama)

Tether USDT Dominates TRON

Tether USDT dominates 94.36% of the total stablecoins on Tron. USDT has a market cap of 39.26 billion after increasing by 8.26% in the past 30 days.

The high-flying TrueUSD (TUSD) stablecoin has grown its supply massively during the past week. According to DeFillama data, TUSD supply increased by 118% to $1.31 billion — making it the second-largest stablecoin on the network.

Stablecoins on Tron
Stablecoins on Tron (Source: DeFillama)

Meanwhile, TUSD’s total stablecoin supply recently crossed the $2 billion mark. The stablecoin is one of the biggest gainers from the recent issues plaguing rivals like Binance USD (BUSD) and USD Coin (USDC).

The Tron-based algorithmic stablecoin USDD is the third prominent stablecoin on the network. USDD has a market cap of $534.01 million after rising by 5% in the past month.

On the other hand, USDC’s recent depeg significantly affected its supply on the Tron network. The Circle-issued stablecoin declined roughly 60% in the last 30 days to $440.5 million. Other stablecoins on the network include USDJ and HUSD.

Justin Sun Eyes $60B

Tron founder Justin Sun said the blockchain network wants to grow its stablecoin market cap to $60 billion before the end of the year.

In a March 17 Twitter thread, Sun said the blockchain was working to improve its infrastructure to achieve this growth. According to him, the network is “innovating” so that users can have a “secure, reliable, and efficient platform to conduct their transactions.”

Speaking on the current issues bedeviling the industry, Sun noted that the crypto market had had its fair share of challenges in the current year. But his team is committed to growing the five stablecoins on its network. 

“Despite the challenges ahead, we are excited to play our part in nurturing the global stablecoin market, contributing to the development of DeFi, and shaping the future of finance,” he added.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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