Author: Brayden Lindrea, CoinTelegraph; Compiled by: Deng Tong, Golden Finance

After the supply of Ethereum USDT increased by 10% last week, Ethereum has replaced Tron as the largest Tether stablecoin Blockchain.

Data from DefiLlama shows that there is currently $60.3 billion worth of USD-backed stablecoin Tether on Ethereum, while Tron is worth $58.1 billion.

Last week, USDT supply on Tron fell by 1.5%, while Ethereum increased by 9.3%, helping it overtake Tron for the first time since August 2022.

Ethereum and Tron lead USDT with 45.4% and 43.7% shares respectively. Source: DefiLlama

The increase in USDT supply – currently at an all-time high of $132.9 billion – could be a bullish sign as the stablecoin is the source of transaction liquidity and capital movement across the cryptocurrency ecosystem pillar.

Ethereum has been the primary chain used by financial institutions to tokenize U.S. dollar-backed real-world assets, and Tron’s low-fee, faster chain has helped many people store stablecoins such as USDT in times of high inflation. .

Ethereum regained the number one spot on November 21 and further separated from Tron on November 23, when Tether created $2 billion USDT on Ethereum and Tron was $1 billion.

BNB Chain, Arbitrum and Avalanche rank in the top five with USDT supply of US$4.58 billion, US$3.09 billion and US$1.31 billion respectively.

Ethereum (purple) has regained USDT dominance from Tron (green) for the first time since August 2022. Source: DefiLlama

CoinGecko data shows that USDT is by far the world’s largest stablecoin with a market value of US$132.3 billion, followed by Circle’s USD Coin with a market value of US$39 billion.

USDS (USDS), Ethena USDe and Dai have market capitalizations ranging from $5.3 billion to $3.5 billion, ranking among the top five.

Tether pointed out that its users reached 350 million on October 7, equivalent to 4.2% of the global population.

Ethereum also leads USDC with a market value of US$26.3 billion, accounting for 67.5% of USDC’s market value.

However, following Circle and Binance’s decision to abandon support for USDC on Tron in February and MarchAfter support, Tron did not become a competitor to Ethereum for USDC dominance.