Ethereum surpassed Tron to become the largest blockchain for the Tether stablecoin after a 10% increase in USDT supply, Cointelegraph reported.
DefiLlama data shows that the USDT supply on Ethereum is $60.3 billion, while Tron is $58.1 billion. In the past week, Tron's USDT supply has fallen by 1.5%, while Ethereum has increased by 9.3%.
Ethereum and Tron hold 45.4% and 43.7% of the USDT market respectively. The total supply of USDT reached $132.9 billion, a record high.
Ethereum regained the top spot on November 21 and further extended its lead on November 23, with Tether minting 2 billion USDT on Ethereum and 1 billion on Tron.
BNB Chain, Arbitrum, and Avalanche ranked in the top five with USDT supply of 4.58 billion, 3.09 billion, and 1.31 billion, respectively.
USDT is the world’s largest stablecoin with a market cap of $132.3 billion, followed by Circle’s USDC with a market cap of $39 billion.
