The TRON network is all set to take the lead once again from Ethereum in Tether circulation, after it minted another $1 billion Tether (USDT $0.9998) on the Tron network.
According to Arkham Intelligence, on May 5, 2025, Tether minted $1 billion USDT, taking its total USDT on Tron to $71.4 billion. Meanwhile, there are about $72.8 billion USDT circulating on the Ethereum network. The fresh mint narrows the gap between the two networks for the title of the leading network for the world’s largest stablecoin issuer.
According to an FXStreet report, Tron was ahead of Ethereum for USDT circulation between July 2022 and November 2024, but a large $18 billion mint on Ethereum pushed the network ahead. The resumed minting of USDT on TRON also breaks the $10 billion milestone on a YTD basis.
Stablecoin issuance has surged in the recent past, currently representing 8% of the total crypto market capitalization. A Coin Telegraph report showed that the United States Treasury Department has predicted the stablecoin market to reach $2 trillion by 2028.
Tether’s total circulation is currently at a record high of $149.4 billion USDT. Second in line is Circle, the makers of the USDC token which has a market capitalization of $62 billion followed by Sky’s USDS/DAI and Ethena’s USDe.