The Tron-based version of U.S. Dollar Tether (USDT) has consistently outpaced the Ethereum-based version for over 40 months. Recent data shows that TRC-20 USDT is up to 10 times more popular than its ERC-20 counterpart, with TRX processing 22 billion transactions compared to ETH's 2.6 billion. The November 2021 rally marked the last time Ethereum was a key blockchain for stablecoin transactions. However, Ethereum still has a higher net circulating supply compared to Tron. Additionally, the newest addition to Tether's stablecoin stack, USDT on TON, has become the third largest USDT version, replacing Solana's stablecoin.



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