- When Bitcoin peaked in 2021 and 2025, Tron took the lead in USDT supply—low fees fueled adoption during high-demand market phases.
- During volatility, Ethereum regains USDT share—investors seem to prioritize trust, security, and established DeFi roots in uncertain market cycles.
- USDT supply delta flips track. Bitcoin price action— Tron leads during bullish runs, but Ethereum shines when sentiment turns cautious or volatile.
Tron and Ethereum have become central players in the growing USDT ecosystem. Their shifting supply shares offer insight into how market conditions shape stablecoin usage and investor preferences.
Tron’s Supply Gains Reflect Cost Efficiency
A recent tweet from analyst Joao Wedson examined the changing ratio of USDT supply on Tron versus Ethereum. In 2019, Ethereum held a clear lead, with a ratio of just 0.3 favoring Tron. However, that changed as Tron began offering lower transaction costs. The ratio exceeded 1.0 during 2022 and 2023, confirming Tron’s growing usage.
Remarkably, the time at which Tron outcompeted Ethereum in terms of its supply of USDT in 2021 coincided with the moment in which Bitcoin hit the mark of \$64,000. The same effect was repeated in other years; in 2024 and 2025, Bitcoin surpassed \$100,000. In such bull periods, the ratio fell briefly indicating a fresh interest in Ethereum, a case attributable probably to its security and network trust over time. Tron has since reclaimed the lead.
Ethereum Remains Critical in Volatile Conditions
Total USDT supply across both blockchains has grown consistently since 2019. Ethereum initially dominated due to its early DeFi infrastructure. Tron later accelerated, surpassing $60 billion and moving above $80 billion in 2025. This parallel growth shows the market’s preference for diversification and low-cost alternatives.
Ethereum, however, continues to be relevant when volatility rises. Investors may favor its ecosystem during unstable periods, despite higher fees. Supply peaks on both chains have consistently matched Bitcoin’s bull runs, confirming that stablecoin expansion often tracks overall market optimism.
Shifting Delta Shows Ongoing Competition
Wedson’s tweet also highlighted the USDT supply delta—the difference between Tron and Ethereum. It remained negative until 2021, then turned positive through 2022 and 2023, signaling Tron’s dominance with a $3–8 billion lead.
In early 2025, the delta dipped again in Ethereum’s favor but quickly reversed. Tron now leads with a $3.9 billion edge. These shifts mirror Bitcoin’s price moves, revealing how macro factors influence blockchain preference for USDT deployment.
