In November 2024, the USDT stablecoin supply on Ethereum has increased to $14 billion.
The USDT supply on Ethereum has surpassed TRON for the first time since 2022. Image: TipRanks
For the first time since 2022, Ethereum has once again become the blockchain with the largest circulation of Tether's USDT stablecoin.
According to data as of November 25, 2024, the USDT supply on Ethereum is at $68.4 billion, higher than the $60.1 billion on the TRON network.
Statistics on Tether's USDT supply across blockchains. Source: Tether (November 25, 2024)
This sudden change has occurred since the US presidential election on November 6, with Tether increasing the USDT supply on Ethereum by an additional $14 billion, of which $4 billion was directly transferred from TRON, while the remaining amount was newly issued.
Statistics on Tether's USDT issuances in November 2024. Source: @whale_alert on X (Twitter)
Since 2022, TRON has surpassed Ethereum to become the blockchain where Tether has chosen to allocate the most USDT, taking advantage of the low transaction fees on that network. However, with the USDT supply on Ethereum growing rapidly in recent times, the world's largest stablecoin issuer may be preparing for a new growth phase of the second-largest cryptocurrency network, along with its DeFi ecosystem and layer-2 solutions.
Statistics on USDT supply on Ethereum vs. TRON. Source: The Block (November 25, 2024)
As a result, the total USDT supply has surpassed the $132 billion mark, the highest level in history, and there are no signs of it slowing down.
Statistics on the market capitalization of USDT over the past year, screenshot from CoinGecko taken at 9:15 AM on November 26, 2024
Tether was also reported last weekend to be receiving an investment from Cantor Fitzgerald, a firm that is currently custodying a large amount of US Treasury bills that back USDT.
Cantor Fitzgerald's CEO, Howard Lutnick, who has previously praised Tether's model and the potential of Bitcoin, has been appointed as the US Commerce Secretary by the new President Donald Trump. Many opinions suggest that the Trump administration, through the influence of Lutnick, will take measures to ease the business operations of Tether, rather than subjecting it to legal suppression as in the past.
Compiled by Coin68
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