Tron's USDT Dramatically Outpaces Ethereum's Token by This Metric

U.S. Dollar Tether ($USDT), the largest stablecoin, sees its Tron-based version outpacing Ethereum's. Transaction count data says that TRC-20 $USDT might be up to 10x as popular as its ERC-20 rival.

Tron ($TRX) processes almost 10x more $USDT transfers than Ethereum ($ETH)

For over 40 months in a row, the Tron-based version of the largest stablecoin, $USDT, has been outpacing the Ethereum-based one. In recent weeks, TRC-20 $USDT dominance hit a massive milestone as it became 900% more popular than its analogue.

These calculations were shared by crypto analyst @Crazzyblockk, a CryptoQuant community author. While Tron ($TRX) blockchain processed 22 billion transactions, the number of Ethereum ($ETH) transfers only reached 2.6 billion.

It is interesting that, based on charts by @Crazzyblockk, the November 2021 rally was the last crypto market run in which Ethereum ($ETH) was a key blockchain for stablecoins based on transaction numbers.

In November 2022, market panic triggered by the FTX/Alameda collapse (stablecoin transfer metrics surge during price moves in both directions), Tron-based $USDT already cemented itself as a go-to asset.

As covered by U.Today previously, Tron ($TRX) exceeded Ethereum ($ETH) by various stablecoin-related metrics in 2024.

Ethereum ($ETH) remains dominant chain for $USDT, $TON challenges Solana (SOL)

At the same time, Ethereum ($ETH) still eclipses Tron ($TRX) when it comes to the net circulating supply available to crypto owners.

Tether Transparency tracker says that there are $74.6 billion circulating as $USDT ERC-20 tokens, while only $58 billion are issued on Tron ($TRX).

$TON-based $USDT, the newest addition to Tether's stablecoin stack, is becoming another mainstream $USDT version for daily transactions.

Despite being active for less than one year, $USDT on $TON replaced Solana's stablecoin as the third largest $USDT version.