USDT on Tron Network Rivals Visa in Trading Volume
For a short period last week, Tether (USDT) on the Tron Network managed to exceed the average daily trading volume of the payment giant Visa within 24 hours. Data from Tron (TRX) block explorer TronScan showed that USDT trading volumes on the Tron network reached a total of $53 billion, surpassing Visa’s average daily volume by $9 billion, according to a report by blockchain analysis platform Lookonchain on June 21. It was reported that Visa’s average daily trading volume in Q1 2024 was $42 billion.
Christopher Maurice, founder of the African crypto fintech platform Yellow Card, stated that USDT on Tron is among the most popular uses of cryptocurrency for users across Africa. In an interview with Techopedia on March 26, Maurice explained that many Africans prefer to use U.S. Dollar-pegged stablecoins such as Tether on low-cost networks like Tron to protect their money from domestic inflation. He also mentioned that it is not widely known that USDT has significantly more liquidity on Tron than on larger blockchain networks like Ethereum.
The Tron network, linked to Justin Sun, is currently the 12th largest blockchain network by market capitalization, with a total value of just over $10.3 billion at the time of publication, according to CoinGecko. Despite the multibillion-dollar volumes of USDT on its network, Tron has faced challenges with other stablecoin providers in recent months, including U.S.-based stablecoin issuer Circle, which dropped support for its USD Coin (USDC) on the Tron network on Feb. 21, citing concerns with trust, transparency, and safety. The international crypto exchange Binance followed suit and ceased deposit and withdrawal support for TRC-20-based USDC on its platform on March 25.
German Bank Appoints Bitcoin-Friendly CEO
Andreas Streb, a Bitcoin-friendly banking executive, has been promoted to the CEO of the German regional bank, Volksbank Raiffeisenbank Bayern Mitte. The bank’s current CEO, Richard L. Riedmaier, announced his retirement several weeks ago and is expected to leave his role by the end of the year, with Streb set to replace him at the beginning of next year. Streb was recognized for pioneering a Bitcoin-specific program at VR Bayern Mitte, which he initiated and promoted. Founded in 1895, Volksbank Raiffeisenbank employs around 750 people and holds $6 billion on its balance sheet.
Colorado Man Used Crypto Fraud Money for Bahamas Trip
A 46-year-old Colorado man, Robert Wesley Robb, has pled guilty to a $2.2 million crypto fraud scheme that involved an MEV bot to make profitable trades. Robb duped more than ten victims into investing individual sums of over $100,000 into the MEV bot, promising high returns. However, instead of using the funds as trading capital as promised, Robb funneled investor money into crypto exchanges and personal bank accounts for personal expenses, including vacations, gambling, cars, and luxury items. Investors lost a combined total of more than $2.2 million to Robb’s fraudulent claims. Robb is scheduled to be sentenced on Oct. 2 and faces a maximum sentence of 20 years in federal prison.
Polkadot’s Indy 500 Driver Conor Daly Talks About His Dad’s DOT Holdings
Conor Daly, Polkadot’s Indy 500 driver, revealed that his dad holds DOT in an interview.
Tron USDT outperforms Visa 6B German bank appoints Bitcoiner CEO in weekend roundup