Tron’s USDT supply to surpass Ethereum’s with new $1B mint

1 month ago

Stablecoin issuer Tether minted different 1 cardinal USDt tokens connected Tron, pushing the network’s authorized USDT proviso to surpass Ethereum’s.

On May 15, blockchain information showed that Tether’s treasury minted $1 cardinal of its dollar-pegged stablecoin, USDt (USDT), into the Tron network.

As of May 14, Tether’s stablecoin transparency leafage shows that Tron’s authorized USDT totals $73.7 billion, portion Ethereum has $74.5 cardinal successful authorized USDT tokens. If the recently minted tokens are added to the fig of authorized USDT assets, Tron’s proviso would surpass Ethereum’s USDT supply.

In presumption of circulating supply, Tron besides has the pb with $73.6 cardinal USDT connected the network, portion Ethereum lone has $71.8 billion.

Tether’s USDT mints replenish the company’s token inventory

Tether CEO Paolo Ardoino antecedently said connected X that immoderate of the company’s blockchain-based USDT mints are utilized to replenish their USDT inventory connected blockchain networks. This means the tokens volition beryllium utilized for the adjacent batch of issuance requests and concatenation swaps.

In accepted concern settings, inventory replenishment requires banal orders to conscionable demands. Similarly, Tether whitethorn mint USDT to support a capable proviso and clasp connected to the assets until they are issued officially. This ensures that the firm’s liquidity absorption is smooth.

This means that authorized USDT proviso connected a web means that the stablecoin issuer anticipates aboriginal issuance request of the stablecoin connected a blockchain.

Ethereum and Tron conflict for USDT proviso dominance

Tron led USDT circulation betwixt July 2022 and November 2024. However, CryptoQuant information showed that an $18 cardinal USDT mint connected Ethereum pushed the web up successful 2025. However, Tron’s USDT proviso rapidly caught up, with the latest mint putting it connected apical of Ethereum again.

According to Tether's transparency page, Solana has the third-most proviso of USDT successful the market, with $2.3 cardinal authorized connected the network. Avalanche has $1.8 cardinal successful authorized USDT, making it the fourth-largest web successful authorized USDT supply. While Avalanche has implicit $1 cardinal successful authorized USDT, the web lone has a nett circulation of $752 cardinal successful tokens.

Meanwhile, The Open Network, Aptos, Near, Celo and Cosmos person smaller authorized and circulating USDT supplies.

CoinGecko information shows that Tether's full circulation is astatine a grounds precocious of $150 million, a 9.4% summation compared to its proviso astatine the commencement of 2025. This gives the stablecoin issuer 61% of each the USD stablecoins successful the market.

Circle, its closest competitor, has $60.4 cardinal successful stablecoins, giving it a marketplace stock of 24.6%, according to CoinGecko.