In recent years, Tron and Ethereum have become central figures in the USDT ecosystem. An analysis of their supply shares provides insight into how market conditions impact stablecoin usage and investor preferences.
Tron's Advantages Amid Low Fees
A recent analysis revealing the changing ratio of USDT supply between Tron and Ethereum showed that in 2019, Ethereum held a clear advantage. However, by offering lower transaction costs, Tron managed to shift this dynamic. From 2022 to 2023, the USDT supply ratio on Tron exceeded 1.0, confirming its growing usage. Key moments occurred in 2021 when Tron surpassed Ethereum in USDT volume amid Bitcoin's price surge to $64,000.
Ethereum as a Reliable Choice in Volatile Moments
The total USDT supply across both blockchains has consistently increased since 2019. Initially, Ethereum dominated due to its developed DeFi infrastructure. However, in times of volatility, investors continue to favor Ethereum's ecosystem despite higher fees.
Competition Between Tron and Ethereum in the Market
Recent analysis highlighted shifts in the USDT supply delta between Tron and Ethereum, which remained negative until 2021, then turned positive through 2022 and 2023, confirming Tron's dominance with a $3-8 billion lead. However, in early 2025, the delta reversed again in Ethereum's favor before returning to Tron's position with a $3.9 billion advantage.
The current landscape of the USDT market demonstrates an ongoing competition between Tron and Ethereum. Their shifting shares are crucial for understanding trends in stablecoin usage and investor preferences across different market conditions.
