Thomas Daniels
On May 15, 2025, Tether minted an additional $1 billion of its USD-pegged stablecoin, USDT, on the Tron blockchain. This issuance raised Tron’s authorized USDT supply to approximately $74.7 billion, surpassing Ethereum’s $74.5 billion.
Tron also leads in terms of circulating supply, with $73.6 billion USDT in active circulation compared to Ethereum’s $71.8 billion. This milestone marks the first time since November 2024 that Tron has overtaken Ethereum in USDT dominance, reversing the lead Ethereum had regained earlier in 2025.
Tether’s CEO Paolo Ardoino clarified that these tokens are “authorized but not issued,” meaning they serve as inventory for anticipated future issuance and blockchain swaps. This strategy enables Tether to manage liquidity efficiently across various networks, mirroring traditional inventory management practices in corporate finance.
Tron’s growing appeal among stablecoin users is largely due to its lower transaction fees and faster settlement times, which make it a preferred network for high-volume stablecoin transfers, particularly in emerging markets.
As of mid-May, Tether’s total USDT circulation reached an all-time high of $150 billion, reflecting a 9.4% growth since the start of 2025. This figure represents 61% of the entire USD stablecoin market. Circle, the second-largest issuer, holds a 24.6% market share with $60.4 billion in circulation.
