USDT grew on Ethereum through 2024, but smart contract holdings stalled, BIS data show
Summary
A BIS working paper tracking USDT on Ethereum and Tron found that growing issuance did not lead to a sustained rise in tokens held by smart contracts. Ethereum’s contract-held share declined from roughly 15–20% to 10–15% after late 2024, while its absolute balance remained in the low tens of billions; Tron held about 1% of its USDT in contracts through most of the historical series. The findings do not establish that DeFi use declined or that other USDT was used for payments: account type does not reveal purpose, and the study’s data end before 2026. The research follows tokens across addresses, unlike protocol TVL, which can double-count assets. Current market-cap figures do not update the historical holder breakdown.
