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Key Takeaways:

Ethereum Reclaims Top Spot: Ethereum surpassed Tron on Nov. 21 as the leading blockchain for USDT, holding $60.3 billion compared to Tron’s $58.1 billion.
Record Stablecoin Supply: The total USDT supply hit a historic $132.9 billion, with Ethereum and Tron commanding 45.4% and 43.7% shares, respectively.
Blockchain Preferences: Ethereum attracts institutional usage for tokenized assets, while Tron’s affordability suits high-inflation regions.

Ethereum has regained its position as the leading blockchain for Tether’s USDT stablecoin, surpassing Tron for the first time since August 2022.

As of November 21, Ethereum hosts $60.3 billion of USDT, a 10% increase in the past week, while Tron’s USDT supply declined by 1.5% to $58.1 billion.

Ethereum is back on top, hosting 66.94B USDT compared to Tron’s 61.77B.

USDT on $ETH is up 62% this year, thanks to the bullish market and Bitcoin smashing its ATH.

The flippening feels strong! 🔥🚀 pic.twitter.com/AqFJbnVArr
— Kyledoops (@kyledoops) November 26, 2024

Ethereum now holds 45.4% of the total USDT market share, slightly ahead of Tron at 43.7%, with the global USDT supply reaching a record $132.9 billion.

This shift underscores Ethereum’s appeal to financial institutions for tokenizing dollar-backed assets, whereas Tron remains popular for low-cost transactions, particularly in inflation-prone regions.

The gap widened on November 23, as Tether minted $2 billion in USDT on Ethereum compared to $1 billion on Tron.

Beyond Ethereum and Tron, smaller USDT supplies exist on BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).

Tether remains the dominant stablecoin, with a market cap of $132.3 billion, dwarfing Circle’s USD Coin (USDC) at $39 billion.

Ethereum also leads in USDC dominance, holding 67.5% of its supply, partly due to Circle and Binance ceasing USDC support on Tron earlier this year.

This shift reinforces Ethereum’s growing role in the stablecoin ecosystem.