USDT on TRON exceeds supply on Ethereum
TRON surpasses Ethereum in USDT supply for first time since 2024
Tether’s USDT is experiencing a significant shift in its network distribution, with the TRC-20 version on the TRON blockchain now surpassing Ethereum in total supply.
The milestone marks a pivotal moment in stablecoin market dynamics, with implications for decentralized finance (DeFi), payments, and global liquidity flows, reports Cryptopolitan.
Key Takeaways
- TRON Overtakes Ethereum: USDT supply on TRON has exceeded that on Ethereum for the first time since November 2024.
- TRON Nears 75B USDT Supply: Justin Sun projects TRON’s USDT supply to hit 75 billion soon, up from 73.7 billion.
- Global Reach: Tether’s total supply across all chains now exceeds 150 billion, reaching an estimated 400 million users.
- TRON Dominates Stablecoin Liquidity: USDT makes up 99% of stablecoin liquidity on TRON and 73% on BNB Smart Chain.
TRON Becomes Primary USDT Network
The bulk of Tether’s new mints in 2025 have favored TRON, while Ethereum has seen multiple token burns, reducing its USDT supply to 71.3 billion. While Ethereum remains a vital ecosystem for DeFi and exchange trading, TRON has emerged as the leading venue for stablecoin liquidity, especially in global markets less affected by Western regulations.
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This redistribution of supply is reflective of USDT’s growing use in emerging markets and fintech applications, where low transaction fees and high speed are essential. TRON’s consistent growth, particularly since its USDT integration in 2020, has made it an increasingly popular choice for both centralized exchanges and large wallet holders.
Demand Fueled by Global Payment Utility
The increase in TRC-20 USDT usage has been driven largely by international demand, particularly in regions outside the regulatory purview of the U.S. and EU. Exchanges like Binance have become major hubs for this version, and its dominance during Asian market hours points to heavy retail and institutional participation.
Supply of USDT on TRON and Ethereum. Source: CryptoQuant
According to recent data, while most individual users hold less than $100 in USDT, whales—wallets holding significant amounts—account for the majority of on-chain volume. TRON’s daily turnover has consistently outpaced Ethereum’s in this regard, highlighting its appeal in high-frequency transaction environments.
The high liquidity and low cost of transacting on TRON have positioned it as a key network for stablecoin flows, especially for OTC trades, P2P transactions, and remittance corridors in developing economies.
Positive Momentum for TRON Ecosystem
TRON’s growing stablecoin footprint has contributed to the resilience and recent rebound of its native token, TRX. As of mid-May, TRX has recovered to $0.27 after weathering broader market turbulence in Q1 2025. TRON’s total value locked (TVL) has climbed to $6.64 billion, signaling a resurgence in DeFi participation and lending activity.
The network’s renewed momentum is further supported by expansion into memecoins, partnerships with centralized exchanges like HTX, and a stable presence in the lending and liquidity markets. With strong USDT demand as its backbone, TRON appears well-positioned to sustain its growth trajectory through Q2 2025 and beyond.
Recently we wrote that Tether Inc. may soon fall under U.S. regulatory oversight as Congress advances sweeping new legislation targeting the global stablecoin industry.
