TRON is gaining stablecoin share as USDT drains from Ethereum, while TRX/ETH has rallied 23%. The split points to liquidity concentrating on TRON—but it comes as the broader stablecoin market contracts, not expands.

  • TRON holds over 52% of USDT supply; its USDT supply fell just over 1% in the reported period.
  • Ethereum’s USDT supply dropped nearly 9% in 30 days to just over $66B; its stablecoin supply fell $30.6B over 12 months.
  • TRON added $16.1B in stablecoin supply over 12 months, the largest increase among 45 tracked chains; no catalyst deadline was cited.

LaunchBar read: TRON’s liquidity lead is a real relative-strength signal, but shrinking overall supply warns against calling this a market-wide risk-on wave. Watch whether inflows resume before chasing the ratio rally.