TRON Topples Ethereum in USDT Dominance—First Time Since November 2024

USDT’s migration to cheaper, faster chains hits a milestone: TRON now hosts more Tether than Ethereum for the first time in half a year. Traders vote with their gas fees—and Wall Street still thinks ’blockchain’ is a single product.

The flip comes as Ethereum struggles with congestion and layer-2 fragmentation, while TRON’s leaner model attracts yield-chasing degens. Vitalik’s playground now faces an existential question: can it justify premium fees when stablecoins—the lifeblood of crypto trading—are bleeding out?

Bonus jab: Meanwhile, traditional finance ’experts’ will spend Q3 2025 rediscovering what crypto natives learned in 2018—network effects are sticky until they’re not.

USDT makes up around 53% of all stablecoins on Ethereum, but remains the key stablecoin on TRON. The chain has produced only negligible tests on other stablecoin, as USDT makes up 99% of the total stablecoin liquidity. USDT is also expanding on BNB Smart Chain, making up 73% of the stablecoin supply.

USDT still has highly active daily turnover, with more than $59B in total trading volumes. Even in the case of stricter regulations, the asset will have years to adapt and fulfill some of the requirements, while still tapping demand from markets with fewer restrictions.

USDT on TRON grows on international demand

One of the fastest-growing was the tron supply, which began at about $1 billion in 2020 and continued to grow steadily. Centralized exchanges have embraced the token extensively, and Binance is now one of the largest holders of this USDT version.

The expansion of TRC-20 tokens also underscores the global usage of USDT. This version is used on exchanges and locations not constrained by EU regulations, or the upcoming US stablecoin restrictions proposed in a new bill. 

The extra minting on TRON also led to increased whale usage and growing token transfers. In May, the usage of USDT on TRON picked up for some of the biggest wallet cohorts. 

Although the majority of users currently own less than $100 USDT, whales account for the majority of the volume. Compared to Ethereum, traffic on TRON exhibits a significantly higher turnover rate with consistent daily activity that peaks during Asian market hours. 

The increased supply of USDT boosted the native TRX token. The asset has held its price levels during multiple downturns, and recently recovered again to $0.27. The TRON network aims to generally increase its activity through memes, DeFi and centralized trading on HTX. 

The TRON network holds $6.64B in value locked in its decentralized ecosystem, with renewed growth since May 10. The rising price of TRX and more active lending are helping the ecosystem to recover from the recent lows in Q1.

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