Tron has surpassed a 60% market share of USDT as of November 2025, up from 46% in September, driven by its lower transaction fees and faster network speeds. This marks a significant shift in the distribution of USDT supply, with Tron's total issued USDT reaching approximately $165.5 billion, compared to Ethereum's $102.7 billion. Despite Ethereum remaining the largest issuer of USDT with 47.61% of the total supply, Tron has become the preferred network for daily USDT transactions, holding 42.19% of the market. Analysts attribute this migration to Tron's average transaction cost of $0.66, which is lower than Ethereum's $0.91, alongside Ethereum's higher volatility and congestion-related fee spikes.