Solana flips Tron in stablecoin volume – Will it impact TRX?

Solana flips Tron in stablecoin volume – Will it impact TRX?

January 4, 2024

By Himalay Patel

Tron lost its top spot in stablecoin volume to Solana.

Legal troubles with SEC pose regulatory uncertainties, impacting Tron’s credibility and market sentiment.

Tron [TRX], once a dominant force in stablecoin volumes, witnessed a significant shift as Solana took the lead in that aspect.

The month of December marked Solana’s rise with a stablecoin transfer volume of $24.58 billion USDC, surpassing Tron’s $6.54 billion USDT and Ethereum’s $3.88 billion DAI, according to Artemis’ data.

Solana makes a comeback

The change in stablecoin dynamics raised concerns about Tron’s future trajectory. The loss of its top position to Solana could potentially impact Tron’s market standing and user confidence, signaling a need for strategic adjustments in its approach.

Legal problems for Tron

Moreover, legal hurdles loomed over Tron as the SEC charges founder Justin Sun and affiliated entities, including Tron Foundation Limited and BitTorrent Foundation Ltd., with the unregistered offer and sale of crypto asset securities.

The allegations of wash trading could add more regulatory scrutiny for Tron.

This legal challenge may affect market perception, with potential impacts on credibility and trust within the crypto community.