Ethereum Reclaims Lead in USDT Supply, Leaving Tron Behind

• Ethereum dominates USDT supply: $60,3 billion compared to $58,1 billion on Tron.
• USDT on the rise: Global supply hits record $132,9 billion.
• Ethereum leads tokenization: Growth driven by financial institutions and global markets.

The Ethereum (ETH) blockchain has regained its position as the largest provider of the Tether (USDT) stablecoin, overtaking the Tron (TRX) network. According to With According to data from DefiLlama, Ethereum now hosts $60,3 billion in USDT, while Tron hosts $58,1 billion, marking the first time Ethereum has surpassed Tron since August 2022.

At the time of publication, the price of ETH was quoted at US$3.315,59 with a drop of 3.6% in the last 24 hours.

USDT supply on Ethereum has increased by 10% over the past week, while Tron has seen a drop of 1,5%. With this move, Ethereum and Tron now lead the USDT distribution with market shares of 45,4% and 43,7%, respectively.

The recent expansion of the total supply of USDT to an all-time high of $132,9 billion is seen as a positive sign for the cryptocurrency market. Stablecoins like USDT play a crucial role in providing liquidity for trading and facilitating the flow of capital across the crypto ecosystem.

The main reason for Ethereum’s growing dominance lies in its adoption by financial institutions for tokenizing real-world dollar-backed assets. On the other hand, Tron remains an attractive option in high-inflation regions, thanks to its low fees and fast transactions, which promote savings in stablecoins like USDT.

Ethereum consolidated its position on November 21 and extended its lead on November 23 when Tether minted $2 billion worth of USDT on Ethereum, compared to $1 billion on Tron. Other significant blockchains include BNB Chain ($4,58 billion), Arbitrum ($3,09 billion) and Avalanche ($1,31 billion).

USDT remains the largest global stablecoin with a market cap of $132,3 billion, followed by Circle’s USD Coin (USDC) at $39 billion. Ethereum also leads in USDC supply with $26,3 billion or 67,5% of the total market cap. However, Tron does not pose significant competition in this segment due to Circle and Binance’s previous decisions to withdraw support for USDC on their network.

In October, Tether announced that it had reached 350 million users, representing about 4,2% of the world's population, highlighting its relevance in the digital asset ecosystem.