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.
USDT on TRON Outpaces Ethereum Since 2021
“USDT on TRC-20 reached a significant milestone, with total token transfers amounting to 22 billion, far outstripping Ethereum’s ERC-20 USDT transfers, which stood at just 2.6 billion.” – By @Crazzyblockk
Link 👇… pic.twitter.com/C2cqjPX99E
— CryptoQuant.com (@cryptoquant_com) January 9, 2025
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.
