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Ethereum beats Tron in Tether market share: What drove this change?

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Ethereum reclaims its position as the top blockchain for Tether (USDT), surpassing Tron with 44.56% of the supply.

According to recent market data, Ethereum now accounts for 44.56% of the Tether supply, slightly ahead of Tron’s 42.97%.

However, Ethereum’s resurgence can be attributed to its shift to a proof-of-stake mechanism following the Merge and subsequent upgrades that have significantly reduced gas fees. Ethereum continued to exhibit a steady upward trajectory, maintaining over 1.5 million daily active addresses, excluding smart contract interactions.On the other hand, Tron experienced a relatively volatile trend in active addresses, with significant spikes and troughs over time.

According to an analysis of the Dune charts, active addresses on Ethereum in the last 30 days are over 6 million, while Tron has over 40 million.

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How massive USDT mints on Tron, Ethereum impacts market dynamicsUSDT minting have pushed Tether’s circulating supply to new highs, with a fresh $1B on TRON bringing the supply from $48.8B to nearly $62.8B.
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