Trading volumes of bitcoin (BTC) paired with ArchBlock's dollar-pegged stablecoin TrueUSD (TUSD) have surged on Binance after the exchange introduced zero trading fees in the pair on March 23. However, the trade of BTC denominated in tether (USDT), the largest dollar-pegged stablecoin by market value, remains more liquid. Market depth data on Binance shows that BTC-USDT is still king from a liquidity standpoint, with market makers evidently more comfortable with exposure to Tether over TUSD. Nonetheless, TUSD's market depth has improved sharply from practically zero to $10 million in a month, surpassing BUSD to become the second-most liquid pair on Binance.

The dominance of the Tron (TRX) stablecoin has reached a new high of 33.9%, largely due to the rising supply of Tether USDT, according to DeFiLlama data. The Tron stablecoin market is valued at $44.52 billion, with USDT accounting for 95% of the stablecoins on the network. Justin Sun's goal is to increase the Tron stablecoin market to $60 billion before the end of the year. Meanwhile, Ethereum remains the dominant blockchain for stablecoins, with a market cap of $70.97 billion. Tether's USDT has had a largely positive 2023, with its market cap rising 6.18% in the past month to $81.4 billion, and its dominance hitting 62.1%.