Ethereum has regained its position as the leading blockchain for the Tether stablecoin, surpassing Tron on November 21, 2024. The USDT supply on Ethereum has increased 10%, reaching $60.3 billion, compared to Tron's $58.1 billion supply, which has decreased by 1.5%. This marks the first time since August 2022 that Ethereum has held the top spot. Currently, Ethereum and Tron command 45.4% and 43.7% of the USDT market, respectively. The overall USDT supply is at an all-time high of $132.9 billion, with Ethereum being preferred by financial institutions for tokenizing dollar-backed assets. In contrast, Tron has been favored for its low fees and speed, particularly in high-inflation regions. Besides Ethereum and Tron, the BNB Chain, Arbitrum, and Avalanche follow with significantly lower USDT supplies. USDT is the largest stablecoin in the market, and Ethereum also leads in USDC dominance, capturing 67.5% of its market cap.

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