The Tron network is closing the gap with Ethereum in terms of USDT circulation after a major stablecoin issuance by the U.S.-based company.
According to Arkham Intelligence data, Tether minted an additional $1 billion USDT on the Tron Network on May 5th. This brings the total USDT supply on Tron to $71.4 billion, compared to Ethereum's $72.8 billion.
Key Takeaways:
- Tron needs just $1.4 billion more USDT to reclaim its position as the leading network for stablecoin circulation
- Between 2022-2024, Tron consistently outpaced Ethereum in USDT volume before Ethereum's $18 billion issuance surge
- Solana ranks third with $1.9 billion USDT circulation
The Current Stablecoin Landscape
Tether's total USDT supply has grown 8.6% since January, reaching a record $149.4 billion. This gives Tether 61% market dominance among stablecoins according to CoinGecko data.
Circle's USDC ranks second with:
- $62 billion circulation
- 25% market share
The U.S. Treasury Department predicts stablecoins could become a $2 trillion market by 2028 with proper regulatory clarity.
Upcoming Stablecoin Legislation
Two critical bills could shape stablecoins' future in the U.S.:
The GENIUS Act
- Defines "payment stablecoins"
- Establishes reserve requirements
- Senate vote expected May 26th
The STABLE Act
- Governs oversight of federal stablecoin issuers
- Currently under Congressional review
👉 Learn how these developments could impact crypto markets
FAQ
Q: Why does network choice matter for USDT?
A: Different networks offer varying transaction speeds and costs. Tron typically has lower fees than Ethereum.
Q: How might new legislation affect Tether?
A: It could require greater transparency about reserves and potentially limit some issuance practices.
Q: What's driving stablecoin growth?
A: Increased crypto trading volume and demand for dollar-pegged assets in volatile markets.
👉 Discover more about stablecoin market trends
Market data current as of May 2025