Tron Surpasses Ethereum in USDT Supply, Reaching $94 Billion

Tron has overtaken Ethereum in the supply of Tether's USDT stablecoin, with recent data indicating that Tron's USDT supply has surged by $4 billion in the past month, reaching a total of $94.27 billion. This marks a significant shift in the stablecoin landscape, as Tron now hosts more USDT than Ethereum, a scenario that would have seemed unlikely just a few years ago.

As of the end of the second quarter of 2026, Tron was already leading with $87.9 billion in circulating USDT compared to Ethereum's $78.7 billion. The gap has continued to widen, with USDT accounting for 98.5% of all stablecoins on the Tron network. During the same quarter, Tron processed $2.1 trillion in USDT transfers, with daily volumes often exceeding $20 billion, supported by a user base of over 400 million accounts.

Tron's competitive edge can be attributed to its lower transaction fees and higher throughput compared to Ethereum, making it an attractive option for retail traders and businesses engaged in frequent stablecoin transactions. Tether has also played a role in this shift, favoring Tron for large-scale USDT minting since at least 2022, further solidifying its position in the market.

Tron's dominance in USDT circulation has raised its share to over 50% at various points, indicating that more than half of all Tether dollars exist on its network. This development may attract increased regulatory scrutiny, particularly as governments tighten regulations around stablecoin issuance and blockchain payments. The governance structure of Tron and its association with Justin Sun, who has faced legal challenges, could influence future regulatory approaches to stablecoins.

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Source: KLEA News