The largest stablecoin by market capitalization, U.S. Dollar Tether (USDT), has seen its Tron-based version outpacing the Ethereum-based one by almost 10x in transaction count. This marks a significant shift in the stablecoin landscape, with Tron (TRX) emerging as the dominant blockchain for USDT transfers.
According to crypto analyst @Crazzyblockk, TRC-20 USDT saw a massive surge in popularity, reaching 900% higher than its ERC-20 counterpart. While Tron processed 22 billion transactions, Ethereum only managed 2.6 billion.
These observations are further supported by Crazzyblockk's charts, which indicate that the last major crypto market rally where Ethereum was a leading blockchain for stablecoins was during November 2021.
Following market panic in November 2022, Tron-based USDT became a key asset, with the collapse of FTX/Alameda driving up stablecoin transfer metrics during price movements in both directions.
Previously, U.Today reported that Tron surpassed Ethereum in various stablecoin metrics during 2024.
While Tron leads in terms of stablecoin transactions, Ethereum still maintains a higher net circulating supply available to crypto owners.
According to Tether's Transparency tracker, there are $74.6 billion in circulating USDT ERC-20 tokens compared to $58 billion on Tron.
Meanwhile, TON-based USDT, the latest addition to Tether's stablecoin lineup, has emerged as another mainstream USDT version for daily transactions. Despite being launched less than a year ago, USDT on TON has overtaken Solana's stablecoin to become the third-largest USDT version.
