Tron has extended its lead in Tether (USDT) liquidity, with its share of total USDT supply climbing above 52% as Ethereum recorded heavier outflows, according to DeFiLlama data cited in the analysis. The shift comes as the TRX/ETH ratio has risen by more than 23% so far in the fourth quarter.
Stablecoin liquidity contracts
At a macro level, the stablecoin market is currently at one of its lowest levels since the 2022 bear market. The total supply of USDT has fallen by almost $15 billion from its peak of $310 billion in mid-May, a sign that liquidity has been leaving the crypto market. Demand has remained low even as Bitcoin trades almost 30% below its $126K high.
Ethereum, the largest stablecoin hub, has absorbed a significant share of that contraction. The total amount of stablecoins on Ethereum fell by more than $20 billion, according to DeFiLlama. In the last 30 days alone, USDT supply on Ethereum dropped nearly 9% to just over $66 billion.
Tron's USDT supply, by contrast, was down only just over 1% at press time — a markedly smaller decline than Ethereum's 9% drop, pointing to a clear divergence in stablecoin liquidity between the two networks.
Tron pulls ahead
With Ethereum seeing heavier USDT outflows, Tron's share of total USDT supply climbed above 52%, reinforcing its position as the dominant network for USDT liquidity.
Tron founder Justin Sun also highlighted the trend in a recent post on X, citing Token Terminal data. Over the past 12 months, Tron recorded a $16.1 billion increase in stablecoin supply, the highest among 45 tracked blockchains. HyperEVM ranked second. Arc posted an increase of $1.3 billion, while Arbitrum decreased by $4.3 billion. Ethereum recorded a $30.6 billion decline over the same period.
On-chain activity backs the trend
Network data appeared to confirm the stablecoin shift. Within a 24-hour period, Tron processed 12,990,075 transactions — the highest daily total of the past seven days — averaging around 150 transactions per second. That activity suggested consistent demand on the network, with the rise in stablecoins on Tron reflecting real usage.
The divergence is visible in relative pricing as well. The TRX/ETH ratio has gained over 23% in the fourth quarter and was only 15% away from recovering all of its third-quarter losses.
Key level to watch
According to the analysis, 0.002 is the level to watch. A break above that resistance could open the door to further TRX outperformance against ETH, while a failure to clear it may leave the pair trading within its current range.
Taken together, the increase in stablecoin dominance, elevated transaction volume and the 23% rally in the TRX/ETH ratio make 0.002 the pivotal level for the pair this quarter.
