Tron Regains Ground in USDT Circulation Race
Tether minted a fresh $1B worth of USDT on the Tron network on May 5 , according to data from Arkham Intelligence. This move brings the total USDT supply on Tron to $71.4 billion , as reported by Tether’s Transparency Dashboard.
In contrast, Ethereum hosts $72.8 billion in circulating USDT , meaning Tron needs just $1.4 billion more to reclaim its position as the top network for Tether issuance .
Between July 2022 and November 2024, Tron led in USDT circulation , but a major $18 billion mint on Ethereum tipped the balance back toward the older blockchain, per CryptoQuant.
Tron Challenges Ethereum’s Stablecoin Dominance
The latest surge in Tron USDT mints signals renewed competition between the two networks . For over two years, Tron held the lead in USDT volume before Ethereum regained ground earlier this year .
Other chains trail far behind in terms of USDT adoption:
- Solana : $1.9 billion
- Ton, Avalanche, Aptos, Near, Celo, and Cosmos : smaller amounts
Still, Tron’s growing market share shows strong demand for fast, low-cost transactions , especially among traders and DeFi users.
Tether Hits New Milestone: $149.4 Billion in Total Supply
As of May 2025, Tether reaches a record $149.4 billion in total USDT supply , up 8.6% since the start of the year , according to CoinGecko.
This positions Tether with a dominant 61% market share in the stablecoin sector , outpacing its closest rival, Circle’s USDC, which holds 25% with nearly $62 billion in circulation .
Stablecoins now account for 8% of the entire cryptocurrency market capitalization , reflecting their increasing role in trading, lending, and cross-chain activity.
U.S. Stablecoin Legislation Nears Crucial Vote
With stablecoins gaining traction, U.S. lawmakers push forward with regulatory clarity.
Two bills aim to define the future of digital dollars:
- The GENIUS Act : Establishes clear rules for payment stablecoins and issuer reserves.
- The STABLE Act : Sets standards for federal oversight of nonbank stablecoin issuers.
Sources indicate that the Senate will vote on the GENIUS bill before May 26 , signaling progress toward formalizing stablecoin regulation in the United States.
Tether Plans U.S.-Backed Stablecoin Launch
As regulatory clarity looms, Tether prepares to issue a new U.S.-regulated stablecoin later this year , pending legislation passage.
This move could further solidify its dominance while aligning with tightening global compliance expectations.
What’s Next for Tron and Ethereum?
Fresh $1B in Tether mints on Tron as network closes gap with Ethereum. Tron’s resurgence in USDT mints proves its staying power in the stablecoin ecosystem. While Ethereum still leads by a small margin, Tron is poised to overtake it again if current trends continue.
With rising stablecoin adoption and evolving regulation, both blockchains must adapt to meet demand from users, developers, and institutions alike.
