TRON has overtaken Ethereum as the dominant network for USDT stablecoin supply, capturing 44.97% versus Ethereum’s 44.56%. This shift comes as TRON’s USDT supply grew 3.62% over the past month to $83.49 billion, while Ethereum’s dropped 5.6% to $82.74 billion, signaling a new battleground in the stablecoin and DeFi liquidity race.
According to DeFiLlama, TRON has officially overtaken Ethereum in USDT dominance, highlighting stablecoins as a critical strategic focus for blockchain networks. Analysts are calling it a ‘stablecoin war’ between L1s, noting that deeper stablecoin liquidity enables smoother trading, lending, and borrowing.
TRON’s monthly growth in USDT supply occurred during a broader market correction, while Ethereum saw its supply decline. During the same period, TRX limited its price loss to 2.6%, whereas Ethereum corrected by over 15% to multi-month lows.
Despite the shift in stablecoin dominance, Ethereum’s Total Value Locked of $58 billion still vastly exceeds TRON’s $4 billion, maintaining its position as the primary hub for overall DeFi liquidity. However, a record 48% of TRX’s total supply is now staked, compared to around 30% for Ethereum, which helps reduce circulating supply pressure.
The combination of high staking and growing USDT liquidity creates a potential flywheel effect for TRON’s ecosystem. Together, these factors position TRON as a growing DeFi rail focused on resilience and user attraction through stablecoin flows.
