On November 21, Ethereum regained the lead over Tron after 2 years, and the difference has only increased since then.
After a 10% increase in the supply of USDT on Ethereum over the past week, Ethereum has surpassed Tron as the most significant blockchain for the Tether stablecoin.
USDT Dominance On Ethereum Blockchain Surpasses Tron
According to data from DefiLlama, the value of the United States dollar-backed stablecoin Tether on Ethereum is currently $60.3 billion, while Tron’s value is $58.1 billion.
Tron’s USDT supply has decreased by 1.5% in the past week, while ETH’s supply has increased by 9.3%, enabling it to surpass Tron for the first time since August 2022.
The current all-time high of $132.9 billion in USDT supply is a favorable signal, as stablecoins are the foundation for capital flow and trading liquidity in the broader cryptocurrency ecosystem.
ETH has been the primary chain financial institutions utilize to tokenize US dollar-backed real-world assets. In high-inflation countries, Tron’s low-fee, high-speed chain has facilitated the savings of numerous individuals in stablecoins such as USDT.
On November 21, Ethereum regained the top spot, and on November 23, it further distinguished itself from Tron when Tether issued $2 billion USDT on Ethereum, as opposed to $1 billion on Tron.
BNB Chain, Arbitrum, and Avalanche comprise the top five, with USDT supply values of $4.58 billion, $3.09 billion, and $1.31 billion, respectively.
USDT is the world’s largest stablecoin, with a market capitalization of $132.3 billion, followed by Circle’s USD Coin at $39 billion, according to CoinGecko data.
The top five companies are USDS (USDS), Ethena USDe, and Dai, with market valuations ranging from $5.3 billion to $3.5 billion.
On October 7, Tether announced that it had reached 350 million users, equivalent to 4.2% of the global population.
$26.3 billion, or 67.5% of USDC’s market valuation, is the amount of ETH that leads to the dominance of USDC.
Nevertheless, Tron has not been a competitor to Ethereum in the USDC dominance race since Circle and Binance discontinued support for USDC on Tron in February and March.