Recent data shows that the Tron-based version of USDT has significantly outpaced Ethereum in transaction volume, with TRC-20 USDT maintaining consistent superiority over ERC-20 USDT for over 40 months.
Tron's Ascendancy: A Trend Overview
Since November 2021, Tron has become the go-to blockchain for USDT transactions, especially during market volatility. During the FTX/Alameda crisis in November 2022, TRC-20 USDT became the leading stablecoin due to its rapid adoption and efficient use, attracting users with its speed and low cost.
Ethereum's Position in USDT Circulation
Despite Tron's dominance in transaction count, Ethereum remains the leader in circulating USDT supply. According to Tether Transparency, $74.6 billion USDT is issued on Ethereum compared to Tron's $58 billion, reflecting Ethereum's continued significance in stablecoin issuance.
TON-Based USDT Gaining Traction
Additionally, the TON blockchain is becoming a new contender in the stablecoin market. Launched less than a year ago, TON-based USDT has quickly become the third-largest version of Tether, replacing Solana. This shift signals a growing diversification in stablecoin platforms as users seek alternatives to traditional options like Ethereum.
These shifts indicate that as the market evolves, Tron stands out for executing a high volume of USDT transactions, highlighting the advantages of utilizing robust blockchain infrastructure. While Ethereum remains an indisputable leader in terms of supply, Tron emphasizes the advantage of transaction speed and cost-effectiveness, shaping new dynamics in the stablecoin market.
