Ethereum regains its leading position in USDT supply, surpassing Tron.

Ethereum has officially regained its position as the leading network for USDT supply, reaching 80 billion USD and surpassing Tron after a period of lag in March. This development indicates a significant shift in the trend of stablecoin infrastructure choice, as both networks maintain a relatively stable supply around 75 – 80 billion USD throughout most of 2025. This close competition highlights the continuous shift in the balance of payments, where even small advantages can lead to large liquidity flows.

The redistribution of USDT supply reflects a shift in user priorities within the blockchain infrastructure, especially as traditional finance increasingly integrates stablecoins into the payment system. The return of Ethereum indicates that users are placing their trust in the long-established DeFi ecosystem along with institutional-grade infrastructure, rather than opting for the lower transaction fees of Tron.

Currently, the daily transaction volume of stablecoins on Ethereum has reached nearly 1 million transactions, indicating that USDT is not only held passively but also actively used for payments and settlements.

This shift occurs against the backdrop of traditional financial institutions increasingly adopting stablecoins. Names like PayPal with PYUSD and many other financial organizations have integrated stablecoins into the existing payment infrastructure, prioritizing Ethereum due to its institutional standing and legal transparency. This trend indicates that network effects and regulatory clarity will continue to be the primary drivers for innovation and the expansion of stablecoin applications.

The competition for dominance of stablecoins among blockchains carries greater implications for the entire ecosystem. The massive volume of stablecoins like USDT directly impacts cross-chain bridge operations, exchange integration strategies, and liquidity concentration in DeFi. The advantage of attracting stablecoin flows from institutions could help Ethereum solidify its position as the primary payment layer for high-level financial applications, especially as traditional finance continues to expand its experimentation with blockchain-based payment solutions.

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