Tron Reaches $61.1 Billion, Second-Largest Blockchain for Stablecoins Amid Memecoin Surge

Aug 19, 2024, 03:14 PM

Tron has emerged as the second-largest blockchain for stablecoins, with its market share rising to $61.1 billion, capturing 37.9% of the market, up from $46.6 billion last year. Despite this growth, Ethereum remains the leader with $89.7 billion, holding 55.7% of the stablecoin market. Justin Sun, the founder of Tron, highlights the significance of Tron's $60 billion USDT liquidity pool, which he claims is unmatched by any other blockchain protocol. The rise of Tron is also accompanied by a growing interest in Tron-based memecoins, with traders shifting from platforms like Solana to Tron. However, the memecoin trend has faced criticism for being akin to gambling, with concerns about insiders manipulating token prices to the detriment of retail investors.