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Visa Head of encryption: Tron network payment data long lead Ethereum ecosystem

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Tron's dominance may surprise some in the West, but it appears to have been widely adopted in emerging markets.

Cuy Sheffield is head of encryption at Visa

czgsws, BlockBeats

Global payments giant VISA has been pushing its encrypted payments business this year, with crypto finance app Nebeus launching its first Visa-backed debit card in January, Digital payment platform Wirex and crypto payment service Alchemy Pay have since announced their partnerships with Visa, and Eui Web3 Wallet announced its support for digital currency purchases via Visa cards on February 21.

Cuy Sheffield, head of encryption at Visa, said at StarkWare Sessions 2023 that the company is working on an Ethereum-based USDC bulk payment settlement system, but his latest comments on social media revealed his optimism about Tron network. BlockBeats has compiled and translated its remarks as follows:

The following is the original text

I've been looking at some on-chain data related to the adoption of stablecoin in retail payment use cases and have made some surprising discoveries.

Looking at the daily on-chain payment data, and setting the amount to less than $200, we can see several interesting data points for the header blockchain payment data.

Tron's dominance may surprise some in the West, but it seems Tron has been widely adopted in emerging markets.

(ERC20 vs. TRC20 in Google Trends)

When we look deeper into monthly active users, the benefits of TRC20 are even clearer

This scale of on-chain activity growth was also noted by Messari in their fourth Quarter 2022 Tron Status report, where the number of new daily active accounts on the Tron network soared to 1.3 million on December 10.

However, with the focus on growth, the rapid expansion and activity of ETH Layer 2 cannot be ignored. On these chains, monthly active users sending Stablecoin payments grew more than 500 percent year over year.

It's a fascinating time for the space, and we're still in the early stages of adopting stablecoin payments, so I'm excited to see how it plays out over the next few years.