Tron Overtakes Ethereum in USDT Supply as Tether Mints $16 Billion in 2025
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- Tron now hosts over 50% of USDT supply, surpassing Ethereum for the first time.
- Tether minted $16B USDT on Tron in 2025 to meet rising demand and maintain liquidity.
- Tron ranks third in blockchain activity with 60M+ weekly transactions driven by stablecoin use.
Tether has minted 16 billion USDT on the Tron blockchain since the beginning of 2025, pushing the total USDT issued on Tron to over $75.7 billion. This move marks the first time the TRC-20 supply of Tether’s USDT has surpassed that of Ethereum’s ERC-20 standard, according to data released by Lookonchain and TronScan.
The move also means that Tron now holds more than half of all USDT tokens in circulation. This shift reflects broader changes in user behavior and liquidity demands across blockchain networks.
As of May 16, 2025, more than 50% of the total USDT market supply is hosted on the Tron network. With USDT’s total market capitalization standing at $151 billion, Tron’s share of over $75.7 billion amounts to a decisive lead. This surpasses Ethereum, which held the largest share of USDT until early May.
Adding to this sentiment, market analyst Maartunn, citing CryptoQuant data, reported on May 12 that Tron’s USDT circulation had reached $73.8 billion, overtaking Ethereum’s $71.9 billion. The figures have since risen, confirming the shift in supply dominance between the two blockchains.
This transition points out changing network preferences, particularly for stablecoin usage. Tether CEO Paolo Ardoino explained on X that a portion of USDT mints are allocated to replenish the company’s inventory on supported blockchains.
These pre-minted tokens are held in reserve to fulfill future issuance requests or execute chain swaps. Like traditional inventory management systems, this approach allows Tether to maintain steady on-chain liquidity without delays during peak demand.
Activity on Tron Surges Amid Stablecoin Expansion
The rise in USDT trading within the Tron network coincides with a larger surge in overall activity on the network. The number of transactions on Tron surpassed 60 million in the preceding week, ranking it the third most active blockchain globally. In the same period, no other network handled as many transactions as Solana’s 433 million or Base’s 67 million.
Many people rely on Tron to exchange stablecoins as it has a large user base and high transaction capacity. It may also affect the trend because Tron’s system becomes more efficient and cost-effective as vast amounts of USDT are handled.
Broader Market Context and Stablecoin Redistribution
Aftermarket volatility in late 2024 saw an increase in demand for USDT and surpassed other stablecoins. Due to falling values for Ethereum, Solana, and similar cryptoassets, many investors switched their holdings to stablecoins to preserve their funds. This led to increased USDT supply across multiple networks, and Tron is now the top platform for creating new USDT.
Tether’s production of 16 billion USDT on Tron in 2025 demonstrates how much the demand has changed. The network’s USDT supply keeps increasing, hinting that more will likely be released. The centralized model allows them to adjust the amount of Tether across chains as market changes require.
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