Originally published on: November 26, 2024
Ethereum has recently taken the lead over Tron as the top blockchain for the Tether stablecoin, with a 10% surge in USDT supply on Ethereum in the past week.
According to data from DefiLlama, there is now a total of $60.3 billion worth of TetherUSDT on Ethereum, surpassing Tron’s $58.1 billion.
In the past week, USDT supply on Tron has decreased by 1.5%, while Ethereum has seen a 9.3% increase, allowing it to overtake Tron for the first time since August 2022.
Ethereum and Tron currently hold the top spots in USDT dominance, with respective shares of 45.4% and 43.7%, as reported by DefiLlama.
The surge in USDT supply, which now stands at an all-time high of $132.9 billion, could indicate a bullish signal as stablecoins play a crucial role in trading liquidity within the cryptocurrency ecosystem.
Ethereum has been a preferred choice for financial institutions looking to tokenize real-world assets backed by the US dollar, while Tron’s high-speed and low-fee chain has attracted users in high-inflation countries looking to preserve their assets in stablecoins like USDT.
Ethereum reclaimed its top position on November 21 and further distanced itself from Tron on November 23, with Tether minting $2 billion USDT on Ethereum compared to $1 billion on Tron.
Following Ethereum and Tron, BNB Chain, Arbitrum, and Avalanche round out the top five with USDT supplies of $4.58 billion, $3.09 billion, and $1.31 billion.
USDT remains the largest stablecoin globally with a market capitalization of $132.3 billion, followed by USD CoinUSDC at $39 billion.
Furthermore, Tether reported reaching 350 million users on October 7, accounting for 4.2% of the world’s population.
Ethereum also leads in USDC dominance with $26.3 billion, representing 67.5% of USDC’s market cap.
While Tron has not been a significant contender in USDC dominance, following decisions by Circle and Binance to drop support for USDC on Tron earlier this year.
Stablecoins play a vital role in the cryptocurrency market, and Ethereum’s recent resurgence in USDT dominance signifies its strength within the ecosystem. Subscribe to our newsletter for more critical insights and market updates.
