Ethereum has reclaimed its position as the leading blockchain for USDT issuance, overtaking TRON, which held the top spot since August 2022. According to DeFi Llama, Ethereum now hosts $60.3 billion worth of Tether tokens, compared to TRON’s nearly $58 billion.

Over the past month, Ethereum’s supply grew by 28.3%, while TRON saw a decline of 2.7%.

USDT Distribution Across Blockchains

Other blockchains hosting USDT include:

BNB Chain — ~$4.9 billion;
Arbitrum — $3.1 billion;
Avalanche — $1.3 billion.

Ethereum currently accounts for 45.3% of USDT’s total supply, while TRON holds 43.6%.

With a market capitalization of $132.7 billion, USDT remains the largest stablecoin globally, followed by USDC at $38.7 billion.

Why Ethereum and TRON Dominate USDT Issuance

According to The Block, Ethereum’s dominance in the DeFi sector and its appeal to institutional investors make it a preferred platform for USDT issuance. Meanwhile, TRON is favored for its low fees and transaction speed, especially in regions with high remittance volumes.

As of the third quarter of 2024, USDT has been utilized by 330 million crypto wallets and on-chain accounts globally, emphasizing its widespread adoption. Tether attributes this growth to the rise of Layer 2 solutions and the expanding TON ecosystem.

The highest relative growth in USDT issuance over the past year was observed in Optimism, Arbitrum, and Polygon.

CEO Comments and Future Developments

In July, Paolo Ardoino, CEO of Tether, revealed that the company had considered creating its own blockchain but decided against it due to market saturation. Later, he announced that various L2 teams are working on enabling USDT to be used for gas payments.