TRON listed May as a successful month after recording multiple massive milestones in a few short weeks. It saw USDD, the collateralized decentralized stablecoin on TRON, making it in CoinMarketCap’s top 100. And this was achieved only 16 days after its May 5 launch. The stablecoin achieved another milestone – with over $667 million in circulating supply and burning over 8 billion TRX along the way – on June 1.
As such, TRON now ranks third among the public chains by TVL at $6.17 billion. It’s at the heels of Ethereum and the BNB Chain, as per data from DeFi Llama. TRX, as of May 26, surpassed AVAX becoming number 13 in overall market cap at nearly $8 billion. On May 29, TRON was ranked first in the number of active addresses compared to Bitcoin, Ether, XRP, LINK, XLM, BNB and DOGE etc.
It has been gaining traction with momentous backing from major asset management companies like Fireblocks which had declared its support for TRX and all TRC-20 tokens of the TRON blockchain on its platform last week. Crypto Finance also announced its support for TRON and made it available on the entire Deutsche Borse network.
TRON DAO Reserve has onboarded multiple premier blockchain institutions such as Alameda Research, Poloniex, Mirana, Amber Group, etc., in terms of stablecoin development. This is part of its effort to mint USDD. The stablecoin is already trading on popular lending platforms, decentralized exchanges, and centralized exchanges like SunSwap, Ellipsis, Uniswap, JustLend, and Pancake Swap among others.
Justin Sun, the founder of TRON, said TRON’s rise to the world’s top three public chains by TVL can be attributed to its sustained efforts to foster growth across the entire ecosystem. He highlighted that USDD reached 667 million in circulation and that Season 2 of the TRON Grand Hackathon 2022 is underway. Sun acknowledged explosive growth across the ecosystem.