Top blockchains which the Tether (USDT) stablecoin is launched
Tether is the main, most liquid and used stablecoin in the cryptocurrency market, and demand for it remains high in many blockchain ecosystems, especially those such as Ethereum, Tron, Solana and BNB Smart Chain.
Moreover, over the last year, the activity of users making transactions with Tether stablecoin has increased almost 3 times: from 104 thousand to 307 thousand daily transactions.
1. Tron
Despite the fact that the Tron ecosystem is slightly inferior to Ethereum in terms of the number of USDT tokens stored in it ($66.7 billion vs. $75.8 billion), it is almost 8 times superior to the leading blockchain platform in terms of the number of daily transactions, which is 1.92 million as of the beginning of April 2025.
Meanwhile, according to blockchain observer TronScan over the past year, the number of daily transactions on the Tron network over the entire period ranged from an average of 1.7 million to 2.5 million, making Tron the absolute leader in the number of transactions among all blockchains.
Tron quickly became popular for transfers in USDT tokens as soon as stablecoin appeared in its ecosystem. This happened because transactions were much slower and more expensive in Ethereum, and there were no other alternatives for users at the time. Tron became especially popular for microtransactions, as the costs were a fraction of a percent of payments and transfers.
Tron has a mature ecosystem with a liquid market: the platform is one of the top 5 blockchains in terms of total blockchain value (TVL). In addition, the Tron network is focused on the gaming industry and the large Asian market, where gambling, which often uses USDT tokens, is very popular.
2. Solana
Solana is slightly behind the Tron network in the number of daily transactions with USDT tokens, which as of April 2025 is more than 1.6 million, although the capitalization of the Tether stablecoin in this blockchain is only $2.4 billion.
The first reason for this high number of daily transactions is the very low fees, which are less than a cent, and the high speed of transfers. This makes the Solana network one of the most suitable blockchains for microtransactions, which make up the bulk of all transactions on this network.
In addition, Solana is one of the most popular blockchains for issuing meme tokens, which was largely facilitated by the notorious Pump.fun and Moonshot platforms. USDT is also actively used to buy and sell tokens, including memcoins. For example, the daily trading volume of only one meme token TRUMP exceeds $600 million, and Bonk — $200 million.
In addition, USDT is actively used in DeFi-protocol liquidity pools on Solana, the total value of blockchain assets (TVL) in which exceeds $6.8 billion as of April 2025. By this indicator, Solana ranks second among all blockchain platforms after Ethereum.
3. Ethereum
About half of the entire market capitalization of the USDT stablecoin ($75 billion out of all $144 billion in existence) is accounted for by the leading blockchain platform in the crypto industry, Ethereum. It was Ethereum that became the first blockchain after Omni on which the Tether stablecoin was launched.
Although Ethereum is significantly inferior in terms of the number of daily transactions with USDT tokens, which as of April 2025 is 245 thousand, this blockchain is the most popular among large investors.
In addition, Ethereum has the most developed ecosystem in the decentralized finance market, which includes more than 1,300 DeFi protocols, with the TVL of more than 15 of them exceeding $1 billion. Of course, a large part of liquidity is occupied by the USDT stablecoin, as it is one of the most used assets for exchange on decentralized exchanges and loans on credit markets.
The total TVL of all DeFi protocols in the Ethereum ecosystem, according to DeFi Llama data for April 2025, exceeds $46.5 billion. Moreover, the Ethereum blockchain network alone accounts for more than half of the TVL of the entire decentralized finance market, which makes its ecosystem the most liquid for the Tether stablecoin.
4. TON
TON has become the fourth blockchain after Ethereum, Tron and Solana in terms of market capitalization of USDT tokens issued on it. Moreover, the Tether stablecoin was launched on the TON blockchain only in 2024, but quickly gained liquidity due to the active attraction of users to the TON ecosystem.
The fact is that TON became the fastest growing blockchain ecosystem in the crypto market in 2024: the growth amounted to more than 1500%.
As of April 2025, the market capitalization of the USDT stablecoin in the TON network exceeds $1.4 billion. Moreover, over the past year alone, the volume of daily transactions in the TON network has grown more than 10 times - from 100,000 to 1.2 million.
The reason for this rapid growth in USDT transactions, as in the case of Solana, is the boom in meme tokens, which are increasingly being issued on this blockchain. TON is one of the highest performing blockchain networks, capable of handling a peak load of more than 1 million transactions per second. This, along with low transactions, is what makes the TON network popular for exchanging meme tokens for USDT, as well as other digital assets.
Popular "tappers" such as Notcoin, Hamster Kombat, Catizen, and Pixel have also played a significant role in the growth of USDT liquidity on the TON blockchain. After the launch of the Tether stablecoin, users started using USDT en masse to trade tokens of these projects, which are released by the dozens every month.
