- The total stablecoin market cap of Tron grew by 5% over the last week.
- The TVL on the network dropped 3% since the SEC launched a probe against the TRON foundation.
The TRON [TRX] ecosystem shared a report on the network’s notable developments that took place over the week that went by.
One of the major takeaways was the network’s increasing dominance in the stablecoin sector. Tether [USDT], the largest stablecoin by market cap, saw its circulating supply on Tron reach a record high. At press time, it was over 44 billion, as per Tronscan.
🧐Check out #TRON Highlights from this week (Mar 18, 2023 – Mar 24, 2023).
🙌We’ll update you on the main news about #TRON and #TRON #Ecosystem. So stay tuned, #TRONICS! pic.twitter.com/YXYBDKDJLj
— TRON DAO (@trondao) March 25, 2023
Additional data from DeFiLlama revealed that the total stablecoin market cap on the network grew by 5% over the last week to $43.57 billion.
This was in stark contrast to the chain with the highest stablecoin market cap, Ethereum [ETH], which registered a weekly drop of 2.3%.
Source: DeFiLlama
How much are 1,10,100 TRXs worth today?
Network expands thanks to stablecoins
Tron became a go-to platform for stablecoins ever since the USD Coin [USDC] depegging episode which rattled the broader crypto market. In fact, a day after the fateful event, the stablecoin inflows into the network reached a three-month high of $1.17 billion.
The remarkable growth prompted Tron founder, Justin Sun, to announce an ambitious plan of growing the stablecoin market cap to $60 billion.
It became evident that stablecoin-dominated trading powered the whole network. Since the stablecoin turmoil, the revenue generated on the chain surged 70% until 24 March while the daily user base expanded by 21%.
Source: Token Terminal
The growth in revenue propelled Tron as the second-best performing chain over the last week.
Next challenge for TRX
On the flip side, the total funds deposited on the network’s smart contracts fell significantly, sparking liquidity concerns. Since March 2022, the total value locked (TVL) dropped 3% until press time, as per DeFiLlama.
Source: DeFiLlama
Notably, this happened after the United States Securities and Exchanges Commission (SEC) initiated a probe against the Tron foundation and Justin Sun over charges of unregistered sale of TRX and BTT which the regulator termed as securities.
Following this, TRX’s price tumbled 13%. However, the coin recovered to its press time value of $0.06375, per data from CoinMarketCap.
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Meanwhile, according to Tronscan, more than 18 million TRX tokens were moved out of circulation in the last 24 hours. Adjusted against newly minted tokens, there was a net decrease in the circulating supply of TRX by 13.4 million.
