The current stablecoin turmoil has spread far and wide and no crypto project has managed to stay aloof from its impact. Tron [TRX], the layer-1 blockchain, saw its USD Coin [USDC] supply drop from $1.03 billion at the start of March to just over $530 million as of 12 March, almost getting halved.
On the other hand, the dominance of other stablecoins on the platform rose. The supply of Tether [USDT] went past 40 billion.
Data from Tronscan indicated that USDT’s supply got a big impetus after Paxos put the brakes on BUSD minting, the other stablecoin facing the heat in the ecosystem.
Earlier, TRON founder Justin Sun underlined the importance of stablecoins in the ecosystem and favored the idea of setting up a banking system that will bridge the gap between traditional finance and cryptocurrencies.
Recent incidents like the SVB situation highlight the potential harm caused to many in the industry. It's time to build a reliable bank that can cater to the needs of the crypto industry. As a supporter of this ecosystem, I'm open to any idea that can help create such a bank.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 12, 2023
Read TRON’s [TRX] Price Prediction 2023-24
Notwithstanding the ripples, Tron shared a blog post about the state of some of the big projects that were being built on the ecosystem.
One of the biggest was Blockbank, a financial services platform. Blockbank was partnering with TRON to create credit cards that will allow users to load the card with TRX and use it like Visa cards.
On the NFT front, users can look forward to Fuzzy Ocean, a multi-chain marketplace where users can explore and trade digital collections.
As per Santiment, the total NFT trades volume in the TRON ecosystem increased by more than seven times over a 24-hour period until 12 March. However, the volume fell drastically since hitting a one-month high on 6 March.
TRON also mentioned about Unifi protocol, a smart contracts platform, intended to aid decentralized finance (DeFi) development. It should be noted that Unifi has been running on the TRON blockchain since 2018.
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Meanwhile, as per data from Tronscan, about 14.69 TRX tokens were moved out of circulation in the last 24 hours. Tron significantly increased the burning rate in February, with a growth rate of 64% from the previous month.
A steady increase in burn rate makes a token scarce, which could boost its demand in the market, resulting in price hikes.
As per CoinMarketCap, TRX shot up nearly 15% at press time with a 47% increase in trading volume.