Tether (USDT) has seen a significant shift in its distribution across blockchain networks, with Ethereum surpassing TRON in terms of USDT supply. Over the past month, the amount of USDT on Ethereum has surged by approximately $20 billion, pushing its dominance in the stablecoin market. As of the latest reports, Ethereum now accounts for the majority of the USDT supply, with more than $12 billion of the total circulating USDT on the Ethereum network.
This notable growth is a result of increasing demand for Ethereum-based DeFi applications and the network’s broader adoption. USDT, a leading stablecoin in the cryptocurrency sector, has traditionally been spread across various blockchains, including Bitcoin’s Omni layer, TRON, and others like EOS and Liquid. However, Ethereum has long been the primary platform for stablecoins, and its share has now expanded significantly, reflecting Ethereum’s renewed appeal amid the growing DeFi ecosystem.
Ethereum’s dominance has been bolstered by its Ethereum 2.0 upgrade, improving scalability and transaction costs, which has made it a more attractive option for decentralized finance platforms and crypto traders. The increase in USDT supply on Ethereum is not just a byproduct of market demand but also a strategic move to enhance Ethereum’s role in decentralized applications (dApps) and smart contract solutions.
Meanwhile, TRON, which once held a more substantial share of USDT, has seen its role diminish in the face of Ethereum’s rising prominence. While TRON continues to be a player in the stablecoin ecosystem, its share of the total USDT supply has decreased notably in recent months. This shift is indicative of broader trends in the stablecoin market, where networks like Ethereum are increasingly seen as the go-to platforms for issuing and transferring stablecoins due to their robust infrastructure and widespread use.
Arabian Post – Crypto News Network
Notice an issue?
Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don’t hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.