Ethereum (ETH) Sensationally Surpasses Tron (TRX) in USDT Supply

For the first time since August 2022, Ethereum (ETH) hosts a bigger U.S. Dollar Tether (USDT) supply than Tron (TRX). Meanwhile, the aggregated cap of USD-pegged stablecoins targets an all-time high over $200 billion. In one year, the capitalization of USDT jumped by 50%.

$68 billion milestone: Ethereum replaces Tron as key USDT blockchain

U.S. Dollar Tether (USDT), the world's largest stablecoin and the third biggest cryptocurrency by market cap, has registered a major tokenomic shift. For the first time in 27 months, its supply on Ethereum (ETH) exceeded that of the Tron-based version.

As of press time, the Ethereum-based supply of Tether (USDT) is capped at $68.4 billion. The Tron-based version (TRC-20 USDT) supply dropped to $60.1 billion. Tron (TRX) flipped Ethereum (ETH) by this metric in August 2022 thanks to the fact that Ethereum (ETH) was plagued by too-high transactional fees.

The majority of USDT transfers on Tron (TRX) were charged with a negligible $1 commission. In the last 12 months, thanks to a number of upgrades, Ethereum (ETH) gas fees saw a notable reduction.

Also, another flippening for USDT is on the menu: the stablecoin supply on TON is ready to exceed that of Avalanche (AVAX).

Currently, $1.3 billion in equivalent is available on Avalanche (AVAX), while $1.22 billion was minted on Ton (TON) blockchain.

USD stablecoins eye $200 billion market cap

On Aug. 17, 2023, Tether announced the shutdown of Omni, SLP and Kusama as blockchains for U.S. Dollar Tether (USDT).

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Instead, USDT added support for TON blockchain in Q1, 2024. In less than one year, TON's USDT cap jumped from $10 million to over $1.2 billion.

As cryptocurrency markets are welcoming a hotly anticipated bull run, the capitalization of major centralized stablecoins is geared toward a new ATH at $200 billion.

Major stablecoins USDT and USDC have increased their caps by over 50% in the past 12 months.