Tron Surpasses Ethereum With 50% Of USDT Supply

Tron has surpassed Ethereum as the leading blockchain for Tether (USDT) supply, marking a significant shift in the stablecoin landscape. In 2025, Tether Ltd. minted 16 billion USDT on the Tron network, bringing the total supply on Tron to 75.7 billion, which exceeds the supply on Ethereum. This development highlights Tron's growing influence in the stablecoin market, as it now hosts over half of all USDT in circulation.

According to data from platforms such as Lookonchain and TronScan, the Tron-based supply of USDT reached $73.8 billion, overtaking Ethereum’s $71.9 billion. This trend has continued, with Tron now accounting for more than 50% of all USDT in circulation. Given Tether’s total market capitalization for USDT stands at approximately $151 billion, these figures mean that a majority of its supply is currently facilitated by the Tron blockchain. Consequently, Ethereum, which historically held the largest share of USDT, has now fallen behind in terms of total on-chain supply.

Tether CEO Paolo Ardoino previously explained that some blockchain-based USDT minting operations serve as inventory supply for future issuance and chain swaps. In this system, new tokens may not enter circulation immediately but are reserved to fulfill upcoming issuance requests across supported blockchains. This inventory approach mirrors traditional supply chain management, where stock is produced in anticipation of demand. In Tether’s case, issuing new USDT on Tron may indicate the company’s expectation for higher demand on a specific network.

The increase in Tron’s USDT supply corresponds with a rise in network activity. In the week, Tron recorded more than 60 million transactions, ranking third in blockchain activity after Solana’s 433 million and Base’s 67 million. This follows a reversal from late 2024, when USDT issuance on Tron declined due to falling digital asset prices. That downturn led to increased stablecoin activity on other chains, such as Ethereum and Solana. Since then, Tron has regained ground as a preferred blockchain for USDT holdings and transactions.

This shift underscores the competitive dynamics within the blockchain ecosystem, where networks continually strive to offer superior performance and lower costs to attract more users and applications. The efficiency and scalability of the Tron network, which boasts a 99.7% network efficiency, have likely contributed to this shift. Tron's ability to handle a large volume of transactions quickly and cost-effectively makes it an attractive option for stablecoin issuers and users alike. This move highlights the evolving landscape of stablecoin liquidity distribution across major blockchains, with Tron now hosting over half of the total USDT supply in circulation.