According to @lookonchain, the current circulation of USDT is 112.5 billion USDT, with 97.4% circulating on Ethereum and Tron networks. Specifically, 58.6 billion USDT (52.1%) is on Tron Network and 50.96 billion USDT (45.3%) is on Ethereum. This distribution highlights the significant role these two networks play in the USDT ecosystem, which could influence liquidity and trading strategies.