BIS: USDT issuance grew on Ethereum, but smart contract holdings stalled
- —USDT held in Ethereum smart contracts fell from 15–20% to roughly 10–15% by the end of the study period
- —Tron smart-contract accounts held about 1% of USDT through most of the historical series
- —Ethereum contract-held USDT was roughly $10–15 billion; Tron's was around $1 billion or less
- —USDT market cap on Sept. 28 was $183.7 billion, including $73.3 billion on Ethereum and $92.5 billion on Tron
Why it matters: The data show that a larger stablecoin supply does not automatically mean more capital entered DeFi, changing how ETH and TRX demand is assessed.
Source: CryptoSlate