Ethereum News Today: Ethereum and TRON Clash in the Stablecoin War of 2025

Vitalik Buterin, co-founder of Ethereum, has emphasized that low-cost stablecoin transactions remain one of the most significant sources of value in the current cryptocurrency landscape. He highlighted the importance of stablecoins in facilitating large-scale transactions and expressed enthusiasm over Codex’s integration into the Ethereum Layer 2 ecosystem. Buterin noted that Codex has demonstrated a strong alignment with Ethereum’s core principles from its inception, contributing to the broader scalability and functionality of the Ethereum network [1]. His comments reflect growing interest in the role of stablecoins as a foundational layer for cross-border payments, retail transactions, and financial infrastructure.

In parallel, TRON has solidified its position as a leading platform for stablecoin transactions, particularly for Tether (USDT). By mid-2025, TRON had facilitated over $80 billion in circulating USDT supply, representing more than half of the global USDT volume. Daily USDT transaction volumes on TRON exceeded $21 billion, driven by the network's low fees and rapid settlement times [2]. The platform’s dominance is attributed to its deep integration with major exchanges and its ability to attract emerging markets that prioritize cost-effective cross-border transactions. TRON’s competitive edge is further supported by its recent 60% reduction in network fees, aimed at maintaining its leadership in stablecoin processing. The fee cut was approved by TRON’s Super Representative community, reducing energy unit prices to enhance usability and attract a broader user base [3].

The strategic fee reductions have been positioned as a long-term growth strategy by TRON’s founder, Justin Sun, who anticipates increased transaction volume will offset reduced per-transaction revenue. Network data indicates that 75% of TRON’s transactions utilize gasless models, making it an attractive option for remittance-heavy regions. The network now supports over 38.9 million eligible accounts capable of executing typical USDT transfers. The impact of the fee cut is also reflected in the broader supply dynamics of TRX, shifting from a deflationary trend to one of modest inflation at current transaction levels [3].

Meanwhile, HTX has emerged as a dominant player in the new token trading space, processing $38 billion in spot volume for newly listed assets by August 2025. This performance secured a 22% global market share in new token listings, reinforcing HTX’s role in transforming stablecoin flows into tradable liquidity. The exchange’s rapid listing capabilities, strong liquidity provision, and growing reserves have contributed to its rising international rankings. On-chain analysts suggest that the integration of stablecoin payment rails with exchange liquidity has created a positive feedback loop, enhancing the overall efficiency of the crypto ecosystem [4].

Ethereum-based projects are also regaining momentum, particularly in scalability and security advancements. This resurgence aligns with broader institutional interest in digital asset treasuries as standard corporate tools. However, the intense competition among stablecoin payment networks has intensified, with TRON, Ethereum, and other platforms vying for market dominance. Buterin’s endorsement of Ethereum L2 solutions like Codex underscores the network’s ongoing evolution to support a broader range of financial applications, including those centered around stablecoins [1].

Source:

[1] Vitalik: Low-cost trading of stablecoins remains one of the ... (https://www.chaincatcher.com/en/article/2203666)

[2] TRON Leads Stablecoin Payments, HTX Dominates New ... (https://cryptodnes.bg/en/htx-report-tron-leads-stablecoin-payments-htx-dominates-new-token-trading/)

[3] Tron Votes to Slash Network Fees 60% to Defend Stablecoin ... (https://finance.yahoo.com/news/tron-votes-slash-network-fees-205816765.html)

[4] TRON dominates stablecoin payments in 2023 (https://en.cryptonomist.ch/2025/09/05/tron-dominates-stablecoin-payments-in-2023-around-40b-usdt-on-chain-htx-pushes-38b-on-new-tokens/)