TRON overtook Ethereum as the leading chain for average USDT supply in the third quarter of 2026, according to data from Token Terminal published on November 2.
TRON's average USDT balance reached $90.75 billion, compared with Ethereum's $87.73 billion, a gap of $3.02 billion between quarterly averages. TRON initially took the lead briefly in mid-July and held the top position from July 23 through the end of September. By September 30, TRON's USDT supply exceeded Ethereum's by $5.66 billion.
The report showed average stablecoin supply on TRON at $92.25 billion, an increase of 4.18% quarter-over-quarter and 14.58% year-over-year. TRON's market share of stablecoin supply rose to 30.93%, even as average native stablecoin supply across tracked chains fell 2.41% to $298.23 billion.
During the quarter, USDT supply on TRON grew 4.11%, while Ethereum's USDT supply declined 7.59%, underscoring a rotation in stablecoin activity toward TRON's lower-fee environment. The network also recorded higher stablecoin balances and stronger address activity.
