The USDC supply on Tron fell sharply while USDT’s dominance increased. TRX jumped almost 15% at the time of writing.
The current stablecoin turmoil has spread far and wide, and no crypto project has managed to stay aloof from its impact. Tron [TRX]the layer-1 blockchain, saw its USD Coin [USDC] supply fell from $1.03 billion in early March to just over $530 million on March 12, almost halved.
On the other hand, the dominance of other stablecoins on the platform increased. The delivery of Tether [USDT] passed 40 billion.
Data from Tronscan indicated that USDT’s stock received a major boost after Paxos put the brakes on BUSD mining, the other stablecoin to deal with the heat in the ecosystem.
Previously, TRON founder Justin Sun underlined the importance of stablecoins in the ecosystem and championed the idea of establishing a banking system that will bridge the gap between traditional finance and cryptocurrencies.
Recent incidents such as the SVB situation highlight the potential damage done to many in the industry. It’s time to build a reliable bank that can serve the needs of the crypto industry. As a supporter of this ecosystem, I am open to any idea that can help create such a bank.
— HE Justin Sun 孙宇晨 (@justinsuntron) March 12, 2023
Read TRONs [TRX] Price Forecast 2023-24
New projects in the pipeline
Despite the ripples, Tron shared a blog post detailing the state of some of the major projects being built on the ecosystem.
One of the biggest was Blockbank, a financial services platform. Blockbank partnered with TRON to create credit cards that allow users to load the card with TRX and use it as Visa cards.
On the NFT front, users can look forward to Fuzzy Ocean, a multi-chain marketplace where users can explore and trade digital collections.
According to Santiment, the total NFT trading volume in the TRON ecosystem has increased by more than seven times in a 24-hour period through March 12. However, the volume dropped dramatically since hitting a one-month high on March 6.
TRON also talked about the Unifi Protocol, a smart contracts platform intended to support the development of decentralized finance (DeFi). It should be noted that Unifi has been running on the TRON blockchain since 2018.
Is your wallet green? Check the TRON profit calculator
TRX’s fire update
Meanwhile, according to data from Tronscan, about 14.69 TRX tokens have been withdrawn from circulation in the past 24 hours. Tron significantly increased the burn rate in February, with a growth rate of 64% over the previous month.
A steady increase in burn rate makes a token scarce, which could boost demand in the market, leading to price increases.
According to CoinMarketCap, TRX shot up almost 15% at press time with a 47% increase in trading volume.
This post Assessment of the condition of TRON [TRX] amid the ongoing turmoil in Stablecoin
was published first on https://ambcrypto.com/assessing-the-state-of-tron-trx-amidst-ongoing-stablecoin-turmoil/