TRON Leads Ethereum in Q3 Average Tether (USDT) Supply by $3.02 Billion

TRON averaged $90.75 billion in native Tether (USDT) supply during Q3 2026, exceeding Ethereum’s $87.73 billion and giving it the higher average balance of the dollar-pegged token for the quarter.

The $3.02 billion gap reflects quarterly averages. Across the 12 tracked chains, TRON’s share of native USDT averaged 49.49%. The native-supply measure counts tokens issued on a network and excludes bridged versions.

Ethereum led the average USDT comparison in Q2, with $94.9 billion against TRON’s $87.2 billion. TRON moved ahead during July, briefly fell behind, then held the lead from July 23. By Sept. 30, TRON’s USDT balance was $92.35 billion, while Ethereum’s was $86.69 billion. Those are quarter-end balances, not quarterly averages.

TRON’s average supply across all stablecoins was $92.25 billion in Q3, up 4.18% from Q2 and 14.58% from a year earlier. Across the 12 tracked chains, average stablecoin supply fell 2.41% to $298.23 billion. TRON accounted for 30.93% of that total, an increase of 1.96 percentage points from Q2.

A separate quarter-end measure put combined USDT and USDD supply on TRON at $93.88 billion. That figure covers two stablecoins at Sept. 30, while the $92.25 billion figure is a quarterly average across all stablecoins. The quarter-end figures are also discussed in coverage of TRON’s Q3 stablecoin settlement.