Fresh $1B in Tether mints on Tron, closing gap again with Ethereum

Tron was ahead of Ethereum for USDT circulation between 2022 and 2024, and it is poised to regain the lead from Ethereum in Tether circulation after another big mint by the US stablecoin issuer. On May 5, Tether minted another $1 billion Tether on the Tron network, according to Arkham Intelligence. This brings the total USDT on Tron to $71.4 billion, according to the Tether Transparency report.

In comparison, there is currently $72.8 billion USDT circulating on the Ethereum network, so just $1.4 billion more USDT on Tron will see it become the leading network for the world’s largest stablecoin issuer, as it has been previously over the last two years.

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 again, according to CryptoQuant. The third-largest network for USDT is Solana, which has $1.9 billion circulating, and there are smaller amounts on Ton, Avalanche, Aptos, Near, Celo and Cosmos.

USDT circulation on Ethereum and Tron. Source: CryptoQuant

Tether’s total circulation is currently at a record high of $149.4 billion USDT, having increased by 8.6% since the beginning of this year. This gives the firm a commanding stablecoin market share of 61%, according to CoinGecko. Its closest competitor, Circle, has a market share of 25% with almost $62 billion USDC in circulation.

Stablecoin issuance has surged over the past six months, and they currently represent 8% of the total crypto market capitalization. In a report in late April, the United States Treasury Department predicted that the stablecoin market could reach $2 trillion by 2028 if regulatory clarity is achieved.

Source: CoinTelegraph

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