#60b

Today, Cerebras Systems is a public company that sells AI chips for inference to giants like OpenAI and AWS. It held a blockbuster IPO on Thursday, with both of its co-founders billionaires, and ended the week worth about $60 billion. But in 2019, when it was three years old, it came dangerously close to failure – incinerating a shocking amount of money. It was trying to solve a technical problem…

The REX Drone ETF presents traders one-stop looking for this fast-growing business, says CEO Greg King. The drone economic system is taking off, and traders are getting extra choices to place cash into the budding business. The not too long ago launched REX Drone exchange-traded fund, for instance, has 80% of its portfolio earmarked for firms that generate the majority of revenues from drones,…

Brooks Working CEO Dan Sheridan discusses Warren Buffett stepping away from Berkshire Hathaway and the influence of tariffs on The Claman Countdown. Berkshire Hathaway CEO Warren Buffett introduced Friday that he’s donating one other $6 billion of the corporate’s inventory to the Gates Basis and 4 household charities. It marks his largest annual donation since he started gifting away his fortune…

Tron’s $60B goal in sight as stablecoin dominance surges – fueled by Tether’s impressive run

(adsbygoogle = window.adsbygoogle || []).push();

Tron (TRX) stablecoin’s dominance has reached a record high of 33.9% — primarily due to the rising supply of Tether USDT, according to data from DeFiLlama.

The stablecoin market on the network is currently valued at $44.52 billion after a 1.1% increase in the last seven days. USDT accounts for 95% of the stablecoins on the Tron network — with $42.29 billion.

Source: DeFillama

The growth aligns with Justin Sun’s goal of growing the stablecoin supply on the network. In March, the crypto entrepreneur said the goal is to increase the Tron stablecoin market to $60 billion before the end of the year.

In 2023, the Justin Sun-led blockchain network dominance has risen by more than 10%, according to DeFillama data.

Meanwhile, Ethereum (ETH) remains the dominant blockchain for stablecoins — with a market cap of $70.97 billion.

USDT continues impressive run

Tether’s USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion — its highest point since April 2022. USDT’s dominance also hit 62.1% — its highest point since April 2021,

Among the five top stablecoins, only TrueUSD (TUSD) saw its supply increase within the period. TUSD’s supply has more than doubled in 2023, growing to above $2 billion and enjoying more adoption from crypto exchanges like Binance.

Meanwhile, Binance USD (BUSD), USD Coin (USDC), and DAI supply significantly declined within the period. USDC supply fell 13.63% to $30.83 billion, while BUSD declined roughly 20% to $6.61 billion. DAI plunged 10.13% to $4.85 billion.

Stablecoin regulations Incoming?

Some regulatory clarity might be coming to the stablecoin industry after the U.S. House Committee on Financial Services released the draft of a proposed regulation.

The proposed legislation intends to make the Federal Reserve the primary regulatory body for stablecoins and require nonbank entities to register. The bill also imposes a moratorium on algorithmic stablecoins.

Besides that, the Committee recently met with some stakeholders from the industry to discuss the issues plaguing the space.

The post Tron’s $60B goal in sight as stablecoin dominance surges – fueled by Tether’s impressive run appeared first on CryptoSlate.

(adsbygoogle = window.adsbygoogle || []).push(); #Trons #60B #goal #sight #stablecoin #dominance #surges #fueled #Tethers #impressive #run