USDT on Tron Makes a Splash, Surpassing Visa’s Daily Trading Volume
Last week, Tether (USDT) on the Tron network briefly exceeded Visa’s average daily trading volume in a 24-hour period. According to data from Tron block explorer TronScan, USDT on Tron recorded a total trading volume of $53 billion, surpassing Visa’s average daily volume by $9 billion. This information was shared in a recent post from blockchain analysis platform Lookonchain.
Visa’s average daily trading volume in the first quarter of 2024 was $42 billion, as reported by Lookonchain. Christopher Maurice, the founder of African crypto fintech platform Yellow Card, stated that USDT on Tron is one of the most popular uses of cryptocurrency among users in Africa. In an interview with Techopedia, Maurice explained that many Africans prefer to use U.S. Dollar-pegged stablecoins like Tether on low-cost networks like Tron to protect their money from high domestic inflation. He also pointed out that USDT has greater liquidity on Tron than on larger blockchain networks such as Ethereum, a fact that is not widely known.
The Tron network, linked to Justin Sun, currently ranks as the 12th largest blockchain network by market capitalization, with a total value of over $10.3 billion. However, Tron has faced challenges with other stablecoin providers in recent months, including Circle, a U.S.-based stablecoin issuer. Circle dropped support for its USD Coin (USDC) on the Tron network on February 21, citing concerns about trust, transparency, and safety. Subsequently, on March 25, Binance, an international crypto exchange, also ceased to support TRC-20-based USDC deposits and withdrawals on its platform.
New Bitcoiner CEO Appointed at German Bank Worth $6 Billion
Andreas Streb, a banking executive known for his support of Bitcoin, has been promoted to the CEO position at Volksbank Raiffeisenbank Bayern Mitte, a German regional bank. The current CEO, Richard L. Riedmaier, announced his retirement a few weeks ago and is expected to step down by the end of the year. Streb will take over as CEO at the beginning of next year. Streb gained recognition for spearheading and promoting a Bitcoin-specific program at VR Bayern-Mitte.
Founded in 1895, Volksbank Raiffeisenbank has 750 employees and holds $6 billion on its balance sheet.
Colorado Man Uses Crypto Fraud Proceeds for Lavish Expenses
A Colorado man, Robert Wesley Robb, has pleaded guilty to a $2.2 million cryptocurrency fraud scheme. Robb deceived more than ten victims through aggressive sales tactics, convincing them to invest over $100,000 each into a Maximum Extractable Value (MEV) bot that promised high returns. However, instead of using the funds for trading as promised, Robb redirected the money into personal bank accounts and various crypto exchanges. He then used the funds for personal expenses, including vacations, gambling, luxury cars, and even sending his girlfriend and her extended family to a resort in the Bahamas. The victims collectively lost over $2.2 million. Robb is scheduled to be sentenced on October 2 and could face up to 20 years in federal prison.
Magazine Spotlight: Polkadot’s Indy 500 Driver Conor Daly Talks DOT and His Dad’s Investment
Conor Daly, the driver representing Polkadot at the Indy 500, revealed an interesting fact during an interview. He mentioned that his father holds DOT, the native cryptocurrency of the Polkadot network. Daly expressed his surprise and excitement about his father’s involvement in the crypto space.