Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Golden Finance
After a 10% increase in Ethereum's USDT supply last week, Ethereum has replaced Tron as the largest blockchain for Tether's stablecoin.
DefiLlama data shows that currently there are $60.3 billion worth of dollar-backed stablecoin Tether on Ethereum, while Tron has a value of $58.1 billion.
Last week, the supply of USDT on Tron decreased by 1.5%, while Ethereum's increased by 9.3%, helping it to replace Tron for the first time since August 2022.
Ethereum and Tron lead USDT with shares of 45.4% and 43.7%, respectively. Source: DefiLlama
The increase in USDT supply—currently reaching a historic high of $132.9 billion—may be a bullish signal, as stablecoins are a pillar of trading liquidity and capital flow in the entire cryptocurrency ecosystem.
Ethereum has been the primary chain used by financial institutions to tokenize real-world assets backed by dollars, while Tron's lower fees and faster chain have helped many store stablecoins like USDT in high-inflation countries.
Ethereum reclaimed the top spot on November 21 and further separated from Tron on November 23, when Tether created $2 billion of USDT on Ethereum, compared to $1 billion on Tron.
BNB Chain, Arbitrum, and Avalanche rank among the top five with USDT supplies of $4.58 billion, $3.09 billion, and $1.31 billion, respectively.
Ethereum (purple) has regained dominance over USDT from Tron (green) for the first time since August 2022. Source: DefiLlama
According to CoinGecko, USDT is currently the largest stablecoin in the world with a market cap of $132.3 billion, followed by Circle's USD Coin with a market cap of $39 billion.
The market caps of USDS (USDS), Ethena USDe, and Dai range from $5.3 billion to $3.5 billion, ranking among the top five.
Tether noted that its users reached 350 million on October 7, equivalent to 4.2% of the global population.
Ethereum also leads USDC with a market cap of $26.3 billion, accounting for 67.5% of USDC's market cap.
However, after Circle and Binance decided to withdraw support for USDC on Tron in February and March, Tron did not become a competitor to Ethereum's dominance in USDC.
