Ethereum Overtakes TRON in USDT Supply Again

Ethereum has reclaimed the лидерство in Tether (USDT) supply, overtaking TRON — a position TRON had held since 2022.

As of the latest figures, there’s now about $60.3B USDT issued on Ethereum, versus roughly $58B on TRON. In market share terms, that’s 45.3% of total USDT supply on Ethereum and 43.6% on TRON.

Why Ethereum is gaining ground

From my perspective, the explanation is pretty straightforward: Ethereum remains the center of gravity for DeFi. When the most liquid protocols, lending markets, DEXs, and on-chain financial infrastructure live primarily on Ethereum (and Ethereum-adjacent ecosystems), it naturally pulls stablecoin liquidity toward it.

Another important factor is institutional preference. Ethereum’s longer track record, established tooling, and integration across custody, compliance, and enterprise-grade infrastructure often make it the default choice when larger players increase on-chain activity.

Why TRON still matters

None of this means TRON is “losing relevance.” TRON has a very clear value proposition: low fees and fast transactions. For day-to-day transfers and payment-style flows — especially where cost sensitivity is high — TRON remains a practical network for USDT usage.

My takeaway

This flip back to Ethereum is a reminder that stablecoin distribution follows where real on-chain demand is. Ethereum benefits from being the primary settlement layer for DeFi and a comfort zone for institutions. TRON continues to compete strongly where cost and throughput dominate.

The interesting part isn’t just who’s #1 this month — it’s what this tells us about how capital and users are moving across crypto rails.