Thomas Daniels
Tether has minted an additional $1 billion in USDT on the Tron blockchain, bringing Tron’s total USDT circulation to $71.4 billion. This positions Tron just $1.4 billion behind Ethereum’s $72.8 billion USDT supply, signaling a potential shift in stablecoin dominance.
Historically, Tron surpassed Ethereum in USDT circulation between July 2022 and November 2024. However, a significant $18 billion mint on Ethereum in late 2024 reestablished its lead.
Currently, Tether’s total USDT circulation has reached a record high of $149.4 billion, marking an 8.6% increase since the beginning of 2025. This growth solidifies Tether’s commanding 61% share of the stablecoin market. In contrast, Circle’s USDC holds a 25% market share with nearly $62 billion in circulation.
Solana ranks as the third-largest network for USDT, with $1.9 billion in circulation. Other networks like Ton, Avalanche, Aptos, Near, Celo, and Cosmos host smaller amounts.
The stablecoin sector’s rapid expansion has caught the attention of U.S. regulators. The Senate is set to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act before May 26. This legislation aims to establish a regulatory framework for stablecoins, addressing reserve requirements and issuer oversight.
As the stablecoin market continues to grow, with projections estimating a $2 trillion market capitalization by 2028, the competition between blockchain networks like Tron and Ethereum for USDT dominance underscores the evolving dynamics of digital finance.
