Ethereum's Historic Milestone



November 2024 marks a major turning point as the USDT supply on Ethereum reaches $68.4 billion, surpassing the $60.1 billion on TRON. This is the first time since 2022 that it has regained the lead in USDT circulation.



Reasons for the Shift



1. Increasing supply on Ethereum:


• Tether has added an additional $14 billion USDT to Ethereum, of which $4 billion was transferred directly from TRON and $10 billion was newly issued.


2. The Ethereum ecosystem is thriving:


• Tether's ramping up of supply on Ethereum may be a preparation for a new growth phase of this blockchain network, particularly in the DeFi and layer-2 sectors.



TRON Once Led



Since 2022, TRON has surpassed Ethereum thanks to the advantage of low transaction fees and has become the primary blockchain for distributing USDT. However, the sudden change this month shows that Tether is placing more trust in Ethereum, especially as the demand for USDT on Ethereum is rapidly increasing.



Total USDT Supply Reaches Historical Peak



The total supply of USDT has now exceeded $132 billion, the highest level ever, and continues to grow.



Tether and the Support from the US Government



An important factor driving this trend is the information that Tether is about to receive investment from Cantor Fitzgerald, a company that manages a large amount of US Treasury bills as collateral for USDT.


• CEO Howard Lutnick, who previously praised Bitcoin and Tether, is now the US Secretary of Commerce under President Donald Trump.


• The Trump administration is expected to have many policies that loosen regulations, creating a more favorable environment for Tether's operations.



The Future of Ethereum and USDT



Tether's shift to Ethereum not only reflects confidence in the potential of this network but also sends a positive signal for the development of the DeFi ecosystem. With Ethereum returning to lead in USDT circulation, this could mark the beginning of a stronger development phase, solidifying Ethereum's position in the global blockchain market.