The Tron network has made history by surpassing Ethereum in terms of Tether (USDT) stablecoin supply for the first time ever. According to data from CryptoQuant, the circulating supply of USDT on Tron’s TRC-20 network has soared to $73.8 billion, outpacing Ethereum’s $71.9 billion and highlighting Tron’s growing dominance in high-volume stablecoin transactions, particularly in emerging markets.
Why Tron Is Dominating the Stablecoin Space
CQ analyst JA Maartun credits Tron’s success to its low transaction fees, fast block times, and network reliability. Since mid-2023, Tron has steadily minted over $1.0 billion in new USDT monthly, with more than $14 billion issued in the first five months of 2025 alone. In contrast, Ethereum’s supply growth has plateaued due to high gas fees and a shift towards Layer 2 solutions.
Tron’s efficient network architecture has played a crucial role in its rise. The blockchain’s 99.7% block production efficiency is a key factor, with 30 Super Representatives (SRs) consistently active, producing 3.71% of total blocks.
Dominance in Stablecoin Transfers
Tether’s dominance in the stablecoin market is undeniable, now comprising 62.05% of the total stablecoin supply, surpassing USDC and TUSD. As of 2025, stablecoins have processed an average of $521.3 billion weekly, far outpacing traditional payment giants like Visa ($319 billion) and PayPal ($32 billion).
Shifting User Behavior and Adoption
The shift to Tron is not just a technical migration but also a reflection of global adoption trends. Novaque Research points out that USDT activity has shifted from retail holders to mid-sized wallets holding between $10,000 and $1 million, indicating growing use by OTC desks, cross-border remittance services, and payment aggregators.
Despite Tron’s network growth, its native TRX token has faced stagnation. Currently trading around $0.26, TRX has dropped 2.0% in the last 24 hours but has seen a 7.8% increase over the past week and 6.7% over the past month.
