Tron surpasses Ethereum as USDT supply rises to $94B

Tron now hosts more USDT than Ethereum, a milestone that would have sounded absurd a few years ago. On-chain data shows the USDT supply on Tron climbed by $4 billion over the past month, reaching $94.27 billion and firmly pulling ahead of the network that once dominated stablecoin traffic. The numbers behind the flip By the end of Q2 2026, Tron was already hosting $87.9 billion in circulating USDT compared to Ethereum’s $78.7 billion, according to Messari’s State of TRON report. The gap has only widened since then. USDT isn’t just a big part of Tron’s stablecoin ecosystem. It is basically the entire thing. The token accounts for 98.5% of all stablecoins on the network. During Q2 alone, the network processed $2.1 trillion in USDT transfers. Daily USDT transfer volumes on Tron frequently exceed $20 billion, fueled by a user base that has grown past 400 million accounts as of late August. Millions of those accounts are active on any given day. Why Tron keeps winning the USDT race Tron’s transaction fees are a fraction of Ethereum’s, and its throughput is significantly higher. This cost advantage matters most for the users who move stablecoins most frequently: retail traders, remittanc...