Tron nearly overtakes Ethereum in USDT volume

On May 5, Tether issued another batch of USDT stablecoins worth $1 billion on the Tron network, according to analytics platform Arkham Intelligence. As a result, the total amount of USDT in circulation on Tron reached $71.4 billion, based on Tether Transparency data. By comparison, the Ethereum network currently holds $72.8 billion in USDT. This means Tron is just $1.4 billion away from becoming the leading platform for the world’s largest stablecoin. From July 2022 to November 2024, Tron had already held the top spot in USDT circulation until a major $18 billion issuance on Ethereum shifted the balance. However, new tranches from Tether give Tron a renewed chance to reclaim the lead. The total circulating supply of USDT is now at a historical high of $149.4 billion — an 8.6% increase since the beginning of 2025. This gives Tether a dominant 61% market share in the stablecoin sector, according to CoinGecko. The closest competitor, Circle — issuer of USDC — controls around 25% of the market, with nearly $62 billion in circulation. Interest in stablecoins has surged: over the past six months, their share of the overall crypto market has grown to 8% of total capitalization. This reflects the rising popularity and importance of fiat-backed digital currencies. According to a report by the U.S. Department of the Treasury published in April, the stablecoin market could grow to $2 trillion by 2028 — provided a clear and stable regulatory framework is established. The country is currently preparing for a key phase: voting on major legislative proposals that could shape the future of the industry.