Tron and Ethereum both pulled in over $6B in stablecoin supply YTD, almost neck and neck.

That split says a lot about how liquidity is actually used across chains.

Tron keeps winning on raw transfer volume and cheap settlement, while Ethereum still anchors deeper DeFi and institutional flows. Two different use cases, same scale of capital.

For the market, this is not a winner-take-all setup. Stablecoin liquidity is expanding across multiple rails, and capital moves depending on what it needs to do next.
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