With the recovery of the cryptocurrency market, the competition among stablecoins has reignited. In particular, an analysis suggests that the changes in market share of USDT between Ethereum (ETH) and TRON (TRX) networks are closely linked to Bitcoin (BTC) price movements. The blockchain platforms chosen by users reflect not only simple fee issues but also market sentiment and perceptions of asset security.
According to on-chain analysis firm CryptoQuant, TRON's USDT market share was only about one-third of Ethereum's in 2019. However, from the point when Bitcoin broke through $64,000, TRON first overtook Ethereum. During the same period, many users chose TRON as their network for practical use due to its low fee structure and fast transfer speeds, leading to a surge in total USDT supply.
TRON's dominance became more pronounced between 2022 and 2023, with USDT supply differences reaching up to $8 billion compared to Ethereum. However, when Bitcoin exceeded $100,000 in 2025, Ethereum's market share rebounded, narrowing the gap between the two networks. CryptoQuant explains this suggests that investors prioritizing security tend to prefer Ethereum during price increases or high volatility periods.
Currently, TRON is leading not only in supply but also in transaction volume. As of June 29, USDT transfers on the TRON network were approximately $6.94 million, over five times more than Ethereum's $1.31 million. This transaction volume gap is related to users in emerging countries like Turkey, Nigeria, Argentina, and Venezuela using TRC-20 based USDT as an alternative payment method amid high inflation.
TRON's status has been further strengthened as multiple global exchanges adopt TRC-20 as their primary trading network. USDT currently records a supply exceeding $80 billion, establishing TRON as a stablecoin-centered network.
Meanwhile, reports suggest TRON is exploring IPO possibilities through a backdoor listing with SRM Entertainment, though rumors related to Eric Trump have been officially denied. Some interpret these listing attempts as evidence of TRON's ecosystem growth through external capital inflow.
The balance changes of USDT between TRON and Ethereum go beyond platform competition, serving as a crucial indicator of user psychology and risk aversion. In future Bitcoin cycles, the movement of USDT market share between these two networks is expected to be key to understanding the sensitive market dynamics surrounding stablecoins.
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