Tron Surpasses Ethereum in USDT Activity with 73 Billion Tokens

Tether's USDT has established itself as the leading stablecoin in the payment market, with the Tron blockchain emerging as the most-used network for these transactions. Recent data shows that Tron has surpassed Ethereum in terms of USDT activity, with the Tron version of USDT now holding 73 billion tokens. This shift underscores Tron's increasing influence in the stablecoin ecosystem, as it has consistently outperformed Ethereum as the preferred network for Tether transfers since mid-2022. The total supply of USDT has grown to over 153 billion tokens, reflecting a near-daily increase in May.

The dominance of USDT on the Tron network is further highlighted by the significant transfer volumes. Tron has recorded $121.2 billion in monthly transfers, with USDT accounting for the majority of these transactions. This trend indicates the broader market's preference for Tron as a reliable and efficient platform for stablecoin payments. The Tron network's ability to handle large volumes of USDT transactions efficiently has made it a favored choice among users and institutions alike.

Tether's strategic investments in Bitcoin also reflect its commitment to diversifying its reserves. The company has acquired a substantial amount of Bitcoin, with recent purchases totaling 7,629 Bitcoin worth $705 million. This brings Tether's total Bitcoin holdings to $7.7 billion, signaling a significant shift in its reserve management strategy. Additionally, Tether has moved $1.5 billion in Bitcoin to Twenty One Capital, further solidifying its position as a major player in the cryptocurrency market.

The dominance of USDT and the Tron network in the stablecoin payment market is not without its challenges. The centralized exchange (CEX) landscape, while still a critical component of the cryptocurrency ecosystem, faces issues related to transparency and regulatory scrutiny. Binance, for instance, leads in stablecoin reserves with $31 billion in USDT and USDC deposits, reflecting deep market trust and consistent institutional activity. However, Coinbase, despite having larger total reserves, lacks the on-chain transparency that Binance provides through its Proof-of-Reserves.

The stablecoin inflows throughout 2025 also highlight the market's confidence in Binance's ability to manage large funds. Binance has attracted $180 billion in stablecoin inflows so far this year, with May alone seeing $31 billion in inflows. This compares favorably to Coinbase's $30 billion in the same period. The average deposit per transaction on Binance during peak times has also been significantly higher than on other exchanges, indicating that it remains a preferred destination for large holders and institutional players.

Despite these challenges, the stablecoin market continues to grow, with USDT at the forefront. The dominance of USDT on the Tron network and the strategic investments by Tether in Bitcoin underscore the company's commitment to maintaining its leadership position in the stablecoin ecosystem. As the market evolves, the interplay between stablecoins, blockchain networks, and centralized exchanges will continue to shape the future of digital payments.