I keep looking at USDC and USDT and it’s clear they’ve split the market.

USDC is still heavily anchored on Ethereum (~67%) and keeps expanding across Solana and L2s like Arbitrum and Base. That’s very on-chain-native flow: DeFi, funds, structured capital.

USDT is different. It’s basically split between Ethereum (~48%) and Tron (~44%), and that Tron dominance tells you everything: CEX liquidity, P2P transfers, emerging markets.

Same stablecoin narrative, but completely different users.

If you want to understand the market, just follow the chain:

ETH + L2s = capital markets layer.
Tron = actual usage at scale.
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