TRON surpassed Ethereum in total USDT supply circulation, holding $94.25B versus Ethereum's $86.69B as of Q3 2026.

DeFi & Yields · 2026-11-02

TRON's USDT supply surpassed Ethereum's during the third quarter of 2026. At the close of Q3, TRON held $92.35 billion in circulating USDT compared to Ethereum's $86.69 billion, with TRON's current supply standing at $94.25 billion.

The shift occurred on July 23, 2026, and TRON maintained its lead throughout the remainder of the quarter. This marks a reversal in which blockchain serves as the primary venue for USDT circulation, a stablecoin crucial to decentralized finance and trading activity.

The mechanics driving this change—whether reflecting network migration, redemption patterns, or new issuance distribution—remain unspecified. No data yet clarifies whether this represents a sustained structural shift or a temporary quarter-end positioning.

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