Ethereum (ETH) blockchain regains 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

The Ethereum (ETH) blockchain has regained its position as the largest provider of the Tether (USDT) stablecoin, overtaking the Tron (TRX) network once again.

As per data from DefiLlama, Ethereum now hosts $60,3 billion in USDT, compared to Tron's $58,1 billion. This marks the first time that Ethereum has surpassed Tron in terms of USDT market share since August 2022.

At the time of writing, the price of ETH is trading at $3.315,59, down by 3,6% in the past 24 hours.

According to the latest statistics, the USDT supply on Ethereum has increased by 10% over the past week, while Tron has witnessed a decrease of 1,5%. With this shift, Ethereum and Tron now lead the distribution of USDT, boasting market shares of 45,4% and 43,7%, respectively.

This development comes as the total supply of USDT has expanded to a new all-time high of $132,9 billion. This increase is being viewed positively by the cryptocurrency community, as stablecoins like USDT play a pivotal role in facilitating trading liquidity and the movement of capital across the crypto ecosystem.

The main reason for Ethereum's growing dominance in the USDT market is its adoption by financial institutions to tokenize real-world dollar-backed assets. Meanwhile, Tron continues to be a preferred option in regions with high inflation, owing to its low fees and fast transactions that encourage savings in stablecoins like USDT.

After consolidating its position on November 21, Ethereum further extended its lead on November 23, when Tether minted $2 billion worth of USDT on the Ethereum blockchain, compared to $1 billion on Tron.

Other notable blockchains in the USDT market include BNB Chain ($4,58 billion), Arbitrum ($3,09 billion) and Avalanche ($1,31 billion).

It's worth noting that USDT remains the largest global stablecoin by market capitalization, with a total of $132,3 billion, followed by Circle's USD Coin (USDC) with $39 billion.

In terms of USDC supply, Ethereum also leads with $26,3 billion, which constitutes 67,5% of the total market cap. However, Tron does not pose significant competition in this segment due to earlier decisions by Circle and Binance to withdraw support for USDC on their network.

In October, Tether announced that it had reached 350 million users, whichは約4,2% of the global population, highlighting its prominence within the digital asset domain.