'Tron Is The King Of USDT': Justin Sun Announces $1B In Tether On His Blockchain Network

On Sept. 19, Justin Sun, founder of Tron Network TRX/USD tweeted: “1B #USDT on #TRON.”

The Tron Network account echoed the celebration, tweeting: "#TRON is the king of #USDT".

1B #USDT on #TRON https://t.co/mJnjuQgus9

— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 19, 2023

Feroz Lakhani, senior partnerships manager for Tron Network said, "More people around the world are using TRON in their daily lives for various purposes like paying employees and suppliers, making retail payments, sending remittances to family and friends, and more." Lakhani will be among the crypto industry leaders speaking at Benzinga's Future of Digital Assets event in NYC on Nov. 14, 2023.

Based on the latest data from Nansen, Tron's transaction rate has seen an uptick and is now averaging a rate that's more than 500% of the Ethereum Network's ETH/USD.

Also Read: Why Bitcoin Will See One Last Dip Before Making 'Explosive' Move: Crypto Analyst Explains

As of Sept. 17, Tron averaged 4.5 million daily transactions and Ethereum, while Ethereum averaged 880,000 daily transactions.

Interestingly, in the data covering the period from April to September 2023, Ethereum's daily transaction numbers remain fairly stable. However, Ethereum experienced noticeable spikes, particularly a surge in mid-June, where it hit close to 14 million transactions. Average daily gas fees paid on Ethereum are consistently higher than Tron by roughly 50x to 200x.

"Providing secure infrastructure and support to be able to change countless lives is so much more impactful and important," Lakhani noted. "Tron is providing the ability to use crypto as it was initially intended – as a way to conduct transactions without the intervention of a third party."

Lakhani spoke to Benzinga from Princeton, where Tron is co-hosting a hackathon with Houbi Ventures with a $10,000 prize pool.

Join Benzinga's Future of Digital Assets in NYC on November 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Now Read: Shares Of Bitcoin Miner Marathon Digital Are Moving Lower: What's Going On?

Photo: Shutterstock