Tron [TRX] finds impetus thanks to stablecoin transfers in this way

ambcrypto.com:

Amidst all the chaos in the crypto-markets following the collapse of crypto-friendly banks, Tron [TRX]‘s ecosystem shared its latest weekly report. In doing so, it provided updates on some of its key performance indicators (KPIs).

The report highlighted that the total number of transactions recorded over the past week hit 46.6 million. This, while the number of new accounts added to the network went past 1 million.

On the other hand, the total value locked on the chain’s smart contracts regained its $11 billion-mark after dipping to $9.3 billion. This was when news of USDC’s de-pegging first broke out.

Read TRON’s [TRX] Price Prediction 2023-24

The uptick in trading activity could have been powered by stablecoin transfers as Tron registered a significant jump in its stablecoin circulating supply. In fact, a tweet shared by an analyst revealed that due to the market shake-up, TRON had 50% more stablecoins than Ethereum [ETH]. While ETH’s marketcap declined, TRON recorded the highest weekly growth, more than 6% among top blockchains.

Here, it’s worth noting that the supply of Tether [USDT] went past 40 billion and enjoyed a dominance of 93.69% in the overall Tron’s stablecoin market cap.

The flight from USDC to USDT this week pushed the total Tron stablecoin market cap higher, even as the Ethereum stablecoin market cap fell.

Tron now has more than 50% as many circulating stablecoins as Ethereum. pic.twitter.com/Elp1eMYJKU

— Patrick | Dynamo DeFi (@Dynamo_Patrick) March 13, 2023

Additionally, the total value on chain increased by 10% over the last four days, of which USDT was the token with the highest value.

Things didn’t look too good for TRX,