TRON surpasses Ethereum to become the dominant network for USDT supply

Stablecoin issuer Tether has minted an additional $1 billion in USDT on the Tron blockchain, making the total authorized USDT of the Tron network officially surpass Ethereum and become the blockchain platform with the largest supply of USDT.

According to Tether's official stablecoin transparency page, as of May 14, Tron's authorized USDT supply was $73.7 billion, while Ethereum's was $74.5 billion. After the latest minting operation was completed, Tron's USDT supply rose to $74.7 billion, surpassing Ethereum and regaining its leading position.

In terms of actual circulation, Tron is also in an advantageous position. Data shows that the current USDT in circulation on Tron is $73.6 billion, while Ethereum's USDT circulation is $71.8 billion. Previously, from July 2022 to November 2024, Tron had long led in USDT circulation, but Ethereum briefly surpassed it in early 2025 due to the newly minted $18 billion USDT. This additional minting marks Tron's re-acquisition of the dominant network position of USDT.

Paolo Ardoino, CEO of Tether, once said that part of the USDT minting is used to replenish the company's inventory on various blockchain networks. These tokens have not yet been officially circulated, but are prepared for upcoming issuance requests and on-chain exchanges to ensure that Tether has sufficient liquidity on various networks. Similar to the inventory management model of traditional enterprises, Tether's authorized supply often reflects its expectations of future demand for a network.

In addition to Tron and Ethereum, the supply of USDT on other blockchain networks is also growing. Solana currently has $2.3 billion in authorized USDT, ranking third; Avalanche ranks fourth with $1.8 billion, but its net circulation is only $752 million. Others such as The Open Network, Aptos, Near, Celo and Cosmos have relatively small scales of USDT authorization and circulation, and have not yet become a dominant force.

According to Coingecko statistics, Tether's total USDT circulation has now hit a record high of $1.5 trillion, an increase of 9.4% from the beginning of 2025. Tether currently holds about 61% of the market share in the US dollar stablecoin market, far ahead of its main competitor Circle, whose USDC circulation is $60.4 billion and market share is 24.6%.

As major public chains continue to compete for the dominance of USDT, the competition in the stablecoin ecosystem is becoming increasingly fierce. This time, Tron's overtaking not only highlights its popularity in cross-border payments and on-chain finance, but also reflects the continued expansion of USDT as the world's most important stablecoin.