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    Ethereum surpasses Tron as the largest blockchain for Tether holding

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    Ethereum has overtaken Tron as the biggest blockchain for the Tether (USDT) stablecoin, with $60.3 billion worth of USDT on Ethereum, compared to $58.1 billion on Tron. This shift is due to a 10% rise in USDT supply on Ethereum during the past week, while Tron’s supply dipped by 1.5%. The total USDT supply is at an all-time high of $132.9 billion, a sign of potential upcoming activity in cryptocurrency markets. Ethereum also leads in USDC term with a market cap of 67.5%.

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    Ethereum’s just jumped ahead of Tron to become the biggest blockchain for the Tether stablecoin. This happened due to a 10% rise in the supply of USDT on Ethereum in the past week.

    Here’s the gist: there’s now $60.3 billion worth of USDT, a stablecoin pegged to the US dollar, on Ethereum. Tron trails at $58.1 billion, according to cool stuff DefiLlama’s crunched.

    In the past week, USDT supply on Tron has dipped 1.5%, while on Ethereum it’s spiked 9.3%. This helped Ethereum get the upper hand, toppling Tron for the first time since August 2022.

    The total USDT supply, which is now at a smashing all-time high of $132.9 billion, could show that crypto markets are in for some excitement. This is because stablecoins like USDT are crucial for trading liquidity and capital flow in the wider cryptocurrency universe.

    Traditionally, Ethereum’s been the go-to blockchain for financial moguls looking to tokenize US dollar-backed real-world assets. Meanwhile, Tron’s won points for its low-fee, speedy chain, which has been a big help for folks saving in stablecoins like USDT in countries with soaring inflation.

    Major points were scored by Ethereum on Nov. 21, when it managed to sneak ahead of Tron. It widened the gap on Nov. 23, when an additional $2 billion USDT was minted on Ethereum, compared to $1 billion on Tron.

    Also donning the top five crown in terms of USDT supply are BNB Chain, Arbitrum and Avalanche. They boast $4.58 billion, $3.09 billion and $1.31 billion worth of USDT supply respectively.

    Fun fact: USDT is by far the world’s largest stablecoin, boasting a market cap of $132.3 billion. Taking the silver and bronze in the race are Circle’s USD Coin (USDC) at $39 billion. USDS (USDS), Ethena USDe (USDE) and Dai (DAI) are not far behind, with market caps between $5.3 billion and $3.5 billion.

    Meanwhile, Tether announced it hit 350 million users on Oct. 7, which is about 4.2% of the global population. And Ethereum’s leading the way again when it comes to USDC with $26.3 billion, or 67.5% of USDC’s market cap.

    Sadly for Tron, it hasn’t been able to compete with Ethereum when it comes to USDC. This is following the move by Circle and Binance to stop supporting USDC on Tron in February and March. Also, cool to note that Ethereum now leads USDC dominance, of its market cap by almost 70%!

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