Ethereum regains USDT supply dominance. Who else is in the top five blockchains?

Ethereum has overtaken Tron as the largest blockchain for the Tether stablecoin after the supply of Ethereum-based USDT increased by 10% last week.

Data from DefiLlama shows that there is currently $60.3 billion worth of the U.S. dollar-backed stablecoin Tether on Ethereum, while Tron is valued at $58.1 billion.

Last week, USDT supply on Tron fell by 1.5%, while Ethereum increased by 9.3%, helping it overtake Tron for the first time since August 2022.

Ethereum and Tron lead USDT with 45.4% and 43.7% shares respectively. Source: DefiLlama

The increase in USDT supply — currently at an all-time high of $132.9 billion — could be a bullish sign as stablecoins serve as a backbone of trading liquidity and capital flows across the cryptocurrency ecosystem.

Ethereum has been the main chain used by financial institutions to tokenize real-world assets backed by the U.S. dollar, while Tron’s low-fee, faster chain has helped many people store stablecoins like USDT in countries with high inflation.

Ethereum reclaimed the top spot on November 21 and further separated from Tron on November 23, when Tether created $2 billion in USDT on Ethereum, compared to $1 billion on Tron.

BNB Chain, Arbitrum, and Avalanche ranked in the top five with USDT supplies of $4.58 billion, $3.09 billion, and $1.31 billion, respectively.

Ethereum (purple) has reclaimed USDT dominance from Tron (green) for the first time since August 2022. Source: DefiLlama

Data from CoinGecko shows that USDT is by far the world's largest stablecoin with a market capitalization of $132.3 billion, followed by Circle's USD Coin with a market capitalization of $39 billion.

USDS (USDS), Ethena USDe and Dai, with market caps ranging between $5.3 billion and $3.5 billion, round out the top five.

Tether noted that its users reached 350 million on October 7, equivalent to 4.2% of the world’s population.

Ethereum also leads USDC with a market cap of $26.3 billion, accounting for 67.5% of USDC’s market cap.

However, following Circle and Binance’s decisions to drop support for USDC on Tron in February and March, Tron has not emerged as a competitor to Ethereum in terms of USDC dominance.