Tether has minted an additional $1 billion worth of its USDT stablecoin on the Tron blockchain, propelling Tron’s authorized USDT supply to surpass that of Ethereum. This development intensifies the ongoing competition between the two networks for stablecoin dominance.
As of May 14, Tether’s transparency page indicated that Tron’s authorized USDT supply stood at $73.7 billion, while Ethereum’s was slightly higher at $74.5 billion. However, with the new minting, Tron’s authorized supply has overtaken Ethereum’s. In terms of circulating supply, Tron leads with $73.6 billion USDT compared to Ethereum’s $71.8 billion.
Tether CEO Paolo Ardoino has previously explained that such minting activities are often conducted to replenish the company’s token inventory on various blockchains. These tokens are held in reserve to meet future issuance requests and facilitate chain swaps, ensuring smooth liquidity management.
The battle for USDT supply dominance between Tron and Ethereum has been ongoing. Tron led in USDT circulation from July 2022 to November 2024. An $18 billion USDT mint on Ethereum in 2025 briefly put Ethereum ahead, but Tron’s recent minting has shifted the balance once again.
Beyond Tron and Ethereum, Solana holds the third-largest USDT supply with $2.3 billion authorized, followed by Avalanche with $1.8 billion. Other networks like The Open Network, Aptos, Near, Celo, and Cosmos have smaller authorized and circulating USDT supplies.
Overall, Tether’s total USDT circulation has reached a record high of $150 billion, marking a 9.4% increase since the beginning of 2025. This gives Tether a commanding 61% share of the USD stablecoin market, with its closest competitor, Circle, holding a 24.6% share with $60.4 billion in stablecoins.
