An Ethereum (ETH) competitor has captured a massive share of USDT stablecoin transactions, according to the chief executive of the analytics firm CryptoQuant.

Ki Young Ju says on the social media platform X that the value of the USDT hosted on Tron (TRX) is now more than three times the layer-1 blockchain’s market cap.

“TRX has achieved strong product-market fit in stablecoin use cases.

TRON blockchain processes 92% of USDT transactions and hosts $60 billion in USDT, yet TRX market cap is only $17 billion.

TRX-based USDT is widely used in global trade by offering low-cost, fast stablecoin remittances.”

Justin Sun founded the Tron network in September 2017, and the project’s mainnet launched in May 2018.

Ki Young Ju says Sun has built “the biggest global stablecoin trade remittance system.”

“I’m not being paid to say this, nor do I own TRX, but I think that he has made a significant impact in the field of stablecoins and done something right.”

Turning to Bitcoin (BTC), the CryptoQuant CEO says it is “too early” to characterize the flagship digital asset as being in bubble territory.

Ki Young Ju says that the market capitalization of Bitcoin has not risen significantly compared to its realized capitalization. Bitcoin’s realized capitalization is determined by calculating the total value of all existing BTC at the price of the last recorded on-chain movement.

“Historically, the market cap tends to exceed the realized cap in bull markets, reaching its peak as retail investors jump in. In bear markets, the market cap often dips below the realized cap.”

On Bitcoin’s likely price trajectory, the CryptoQuant CEO says,

“Based on the current realized cap, it could rise to $141,000. The realized cap has been steadily increasing every day.”

Bitcoin is trading at $98,223 at time of writing.