TRON overtakes Ethereum as Q3 USDT supply averages $90.75B - Crypto News

TRON has overtaken Ethereum in USDT supply, with the average circulating supply of the stablecoin on TRON reaching $90.75 billion in the third quarter, according to Crypto News. The shift reflects where Tether issuance and usage activity have concentrated rather than any change to USDT's design or backing.

The milestone matters because USDT supply distribution is a useful proxy for on-chain activity. A larger share on TRON points to sustained demand for low-cost transfers and settlement, particularly in regions where stablecoins serve as a practical dollar substitute. For market participants, the split between networks is worth tracking alongside transaction volumes and fees, since supply alone does not capture how actively tokens move.

What to watch next: whether TRON's lead holds through the coming quarters, how Ethereum's stablecoin base evolves as its own activity cycles, and whether newer networks begin to capture meaningful share. Stablecoin supply trends can inform views on liquidity and network demand, but they should be read as one data point among several rather than a standalone signal.