Ethereum Tops Most Used Blockchain On USDT
Ethereum surpassed Tron to become the primary blockchain for Tether’s USDT supply, marking a significant change in stablecoin dominance. Tether issued $20 billion in USDT on the network in Novemeber, potentially establishing itself as the primary blockchain for transactions on the USDT platform.
According to data released by the on-chain data platform Token Terminal, Tether’s $20 billion issuance on the largest blockchain in the world by total value locked is almost twice as much as the number of active loans on protocols such as Aave. The spike in USDT minting began on November 6, according to additional data from Lookonchain, another blockchain analysis platform. Since then, Tether has issued between $1 billion and $2 billion worth of stablecoins every few days, with most being Tron and Ethereum.
Tether has maintained its issuance expansion, holding over 69 percent of the $201 billion stablecoin market, according to DefiLlama data. According to data from Q4 2024, roughly 109 million wallets holding the asset, more than twice as many as those holding Bitcoin and fewer than 20 million behind those holding Ethereum.
Furthermore, during the first nine months of the year, the issuer recorded over 4.5 billion web hits, with emerging markets contributing to almost half of that total. With a market valuation of $140 billion, USDT is present in over 80 blockchain networks and has increased by 12 to 55 percent in the past month.
To challenge Tether’s hegemony, its nearest rival, USD Coin (USDC), valued at $41.5 billion, recently partnered strategically with Binance. Although little is known about the partnership, its goal is to increase UDC’s worldwide adoption. The stablecoin will be available to Binance’s 240 million users by being integrated into its entire range of goods and services.
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