USDT Grew on Ethereum Through 2024, but Smart-Contract Holdings Stalled, BIS Data Show

A BIS working paper published Sept. 15, 2026 found USDT issuance on Ethereum grew without a sustained rise in smart-contract-held balances, while on Tron such accounts held only about 1% of USDT through most of the study period — challenging the assumption that more stablecoin supply means more capital in DeFi. Ethereum's contract share fell from over 20% in 2021-2022 to roughly 10%-15% recently, even as contract balances held near $10 billion to $15 billion.