Tron's USDT Circulating Supply Reaches $92.35B at End of Q3, Surpassing Ethereum

Source: PANews2026/11/03 07:57

Analysis

Tron's USDT lead over Ethereum reflects a durable shift in where dollar-denominated stablecoin liquidity settles, since Tron has held the top spot continuously since July 23 rather than flipping on a single snapshot. The gap of roughly $5.7 billion at quarter-end, widening to about $94.25 billion currently, points to sustained issuance and transfer demand on Tron rather than a one-off migration. The practical transmission path runs through exchange deposit rails and low-fee retail transfers, which tend to concentrate stablecoin float on the cheapest high-throughput chain. Worth watching next: whether Ethereum recovers share as its layer-2 fees compress, whether Tron's supply growth continues at the same pace into the next quarter, and whether issuer-level minting or redemption activity explains the divergence.

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PANews, November 3 – According to Onchain Lens monitoring, Tron's USDT circulating supply reached $92.35 billion at the end of Q3 2026, exceeding Ethereum's $86.69 billion. Tron has led since July 23 and held that lead through the end of the quarter; its current circulating supply is $94.25 billion.

Tron's USDT Circulating Supply Reaches $92.35B at End of Q3, Surpassing Ethereum

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