CryptoOnchain2025-09-19

Shifting Balance Among USDT Whales on TRON

A look at the USDT whale wallets on TRON over the past month suggests a clear reshuffle in the distribution structure of large assets. The most notable change is the continuous and rapid decline in Binance’s holdings – which stood at the top of the pyramid with around $9 billion until mid-August – to around $2 billion in September, a move that not only erased its gap with competitors but also handed over the top spot to Tether Treasury. The gradual and then accelerating growth of Tether Treasury’s holdings since early September, to a level close to $4 billion, indicates a shift in the focus of large ownership on the blockchain. Meanwhile, Bybit has displayed a more stable pattern, maintaining a narrow range of $1.3 billion. The observed paradigm is likely a reflection of changing patterns of storage and liquidity management in the USDT institutional layer; A change that will affect TRON's liquidity dynamics as well as its correlation with the stablecoin market.