TRON Hits New Market Cap Milestone As Transaction Volume And Stablecoin Ecosystem Expand

TRON has achieved a major milestone with its market cap soaring past $16 billion, marking an all-time high. The network’s transaction activity remains robust, consistently outpacing other Layer 1 blockchains.

Since the start of the year, TRON’s transaction volume has grown steadily, now surpassing 50 million transactions per week.

The market cap of $TRON has exceeded $16 billion, setting a new all-time high! pic.twitter.com/4VW0sXVj0t

— Lookonchain (@lookonchain) November 13, 2024

In a further development, TRON DAO has officially launched TRON-Peg USD Coin (TRC-20 USDC), enhancing cross-chain functionality and expanding its stablecoin offerings. This new asset allows TRON users to transact with USD Coin (USDC) directly on the TRON network, supported by reserves held on Ethereum.

1/ We've officially launched the TRON-Peg USD Coin on the TRON blockchain, opening new doors for cross-chain transactions and expanding our stablecoin ecosystem. pic.twitter.com/WtzZJWgQkq

— TRON DAO (@trondao) November 7, 2024

Swiss-based Chainsecurity recently completed a comprehensive security assessment of the TRON-Peg USD Coin system. The asset operates through a bridge mechanism, offering seamless interoperability between the TRON and Ethereum blockchains. Here’s a look at how it works:

To mint TRC-20 USDC on TRON, users first lock their Ethereum-based USDC in the TRON-USDCBridge smart contract. Once the transaction is confirmed, an authorized entity mints an equivalent amount of TRC-20 USDC on TRON. For added security, TRON uses a ratification mechanism, requiring multiple approvals for large transactions.

When users wish to transfer their funds back to Ethereum, they burn their TRC-20 USDC on TRON, initiating the release of USDC on Ethereum. This process mirrors the minting function, maintaining a balanced supply of USDC across both networks.

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