Ethereum has regained its status as the top blockchain for Tether (USDT), surpassing Tron with a supply of $60.3 billion.

The achievement comes after a 9.3% surge in USDT on Ethereum over the past week, contrasted by a 1.5% drop on Tron, which now holds $58.1 billion in supply, according to DefiLlama.

This marks Ethereum's first return to dominance in the USDT market since August 2022.

The total USDT supply has hit a record high of $132.9 billion, signaling bullish momentum for the broader cryptocurrency market.

Stablecoins such as Tether play a vital role in ensuring trading liquidity and enabling efficient capital flow across the ecosystem.

Ethereum's dominance is driven by its growing adoption by financial institutions for tokenizing US dollar-backed assets, solidifying its role in the digital economy.

Tron remains a favorite in high-inflation regions, thanks to its low fees and fast transactions, making it ideal for efficient savings in stablecoins like USDT.

Ethereum solidified its lead on November 21, further widening the gap on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron.

Other blockchains in the USDT supply rankings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).

Tether continues to dominate as the largest stablecoin globally, boasting a market capitalization of $132.3 billion. It is followed by Circle’s USD Coin (USDC), which has a market cap of $39 billion. Ethereum leads in USDC circulation, holding $26.3 billion or 67.5% of the supply.

Tron, however, trails in USDC adoption due to decisions by Circle and Binance earlier this year to cease support for USDC on its network.

As of October, Tether reported reaching 350 million users—about 4.2% of the global population—underscoring its vital role in the digital asset ecosystem.

Cantor Fitzgerald Acquires 5% Ownership Stake in Tether

Financial services giant Cantor Fitzgerald has acquired a 5% stake in Tether, the world’s largest stablecoin issuer, in a deal valued at up to $600 million.

The acquisition, completed within the past year, aligns with Cantor Fitzgerald CEO Howard Lutnick's recent appointment as U.S. President-Elect Donald Trump’s Secretary of Commerce, potentially amplifying the firm’s political influence.

Cantor Fitzgerald’s involvement with Tether could enhance the stablecoin issuer’s position amid heightened regulatory scrutiny. Tether is under investigation by the U.S. Attorney’s Office for the Southern District of New York for alleged involvement of its stablecoin, USDT, in activities like terrorism financing.

Lutnick’s political influence may prove critical in helping Tether navigate these regulatory challenges. Tether’s largest shareholder, Giancarlo Devasini, reportedly expressed confidence in Lutnick’s ability to “mitigate threats facing Tether,” according to sources cited by The Wall Street Journal.

As part of his role in Trump’s transition team, Lutnick is vetting candidates for key government positions that could directly impact Tether’s oversight. He is expected to step down as Cantor Fitzgerald’s CEO upon Senate confirmation of his cabinet role.