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.
