Circle Inc.’s USD Coin (USDC), the second-largest stablecoin by market value and a main rival to USD Tether (USDT), has increased its supply on the Tron (TRX) network.
According to H.E. Justin Sun’s statement, the net supply of USD Coin (USDC) on the Tron (TRX) blockchain increased by more than 24 percent. The USDC supply on this network now stands at $1.24 billion in equivalent. Tether (USDT), USDC’s main competitor, released $38.7 billion in Tron (TRX) in exchange.
USD Coin (USDC) also surpasses $50 billion in market value across all platforms, becoming the second stablecoin to do so. It’s also available on Algorand (ALGO), Solana (SOL), Stellar (XLM), Avalance (AVAX), Flow (FLOW), and Hedera (HDERA) in addition to Ethereum (ETH) and Tron (TRX) (HBAR).
According to its operator, Circle Inc., USD Coin (USDC) is backed by cash USD (22.9%) and short-term US Treasury bonds (77.1%).
Tron (TRX) is the most resource-efficient platform for USDT transfers, charging $1 regardless of transaction size.
USDC is the only stablecoin that has not seen a severe de-pegging during the current market crash. On May 12, 2022, the USDC/USDT ratio on several markets reached 1:1.
Simultaneously, as the dust settles following the TerraUSD (UST) crash, H.E. Justin Sun announces that Tron’s (TRX) stablecoin, USDD, may be staked with twice as much APY as UST in Anchor Protocol (ANC).