TRON surpasses Ethereum in USDT circulating supply with $92.35 billion at quarter-end
TRON ended the third quarter with $92.35 billion in USDT circulating supply, overtaking Ethereum’s $86.69 billion, according to a post from on-chain analytics provider Onchain Lens. The figures indicate that TRON held the larger share of USDT supply at quarter-end, after reportedly taking the lead earlier in the period.
TRON FLIPS ETHEREUM IN USDT SUPPLY
TRON ended Q3 2026 with $92.35B in USDT circulating supply, ahead of Ethereum’s $86.69B.
Tron took the lead on July 23 and held it through the end of the quarter, current supply stands at $94.25B. pic.twitter.com/5Gwj3896i4
— Onchain Lens (@OnchainLens) November 2, 2026
The same data set places TRON’s current USDT circulating supply at $94.25 billion. Ethereum’s figure in the comparison was $86.69 billion at the end of Q3.
A lead that has held since July
Secondary coverage citing Onchain Lens said TRON first moved ahead of Ethereum on July 23 and kept that lead through the end of the quarter. The numbers are on-chain estimates, so they may differ slightly from Tether’s own transparency snapshots, but they point to a clear separation between the two networks in USDT circulation.
The shift adds another data point to TRON’s role in stablecoin transfers, while also showing that Ethereum did not retain the largest USDT base over the period measured. The figures themselves do not explain why the balance changed, only that it did.
