Tron Surpasses Ethereum in Authorized USDT Supply
In a significant development in the stablecoin landscape, Tron has surpassed Ethereum in terms of authorized Tether (USDT) supply. This milestone was reached following Tether’s recent minting of $1 billion USDT tokens on the Tron network.
On May 15, blockchain data revealed that Tether’s treasury had minted a substantial $1 billion worth of its dollar-pegged stablecoin, USDT, onto the Tron network. According to Tether‘s transparency page, as of May 14, Tron‘s authorized USDT supply stood at $73.7 billion, while Ethereum had $74.5 billion. The newly minted tokens pushed Tron‘s authorized USDT supply above that of Ethereum, marking a significant shift in the dynamics of stablecoin dominance.
It’s noteworthy that Tron also leads in terms of circulating USDT supply, boasting $73.6 billion on its network compared to Ethereum‘s $71.8 billion.
Tether’s Inventory Replenishment and Stablecoin Dominance
Tether CEO Paolo Ardoino clarified on X (formerly Twitter) that some of the company’s blockchain-based USDT mints are employed to replenish their USDT inventory on various blockchain networks. This implies that the minted tokens will be allocated for future issuance requests and chain swaps.
This practice mirrors traditional business inventory replenishment strategies where businesses order stock to meet anticipated demands. Similarly, Tether may mint USDT to maintain an adequate supply and hold onto these assets until they are officially issued. This approach facilitates smooth liquidity management for the company.
The authorized USDT supply on a network provides a crucial insight into the stablecoin issuer’s anticipation of future issuance demand on that specific blockchain. This highlights the ongoing competition among various blockchains for stablecoin dominance.
The Ongoing Battle for USDT Supremacy
Between July 2022 and November 2024, Tron led the USDT circulation race. However, a substantial $18 billion USDT mint on Ethereum in 2025 propelled Ethereum to the forefront. Now, Tron has reclaimed its leading position with the latest USDT mint, demonstrating its growing appeal within the stablecoin ecosystem.
It’s worth noting that Solana currently holds the third-largest supply of USDT in the market with $2.3 billion authorized on its network. Avalanche follows closely with $1.8 billion in authorized USDT, solidifying its position as the fourth-largest network in terms of authorized USDT supply.
While Avalanche has over $1 billion in authorized USDT, its net circulating supply stands at $752 million. The Open Network, Aptos, Near, Celo, and Cosmos have relatively smaller authorized and circulating USDT supplies compared to the top contenders.
The recent increase in Tether‘s total circulation, now at a record high of $150 million, signifies a 9.4% surge compared to its supply at the beginning of 2025. This surge in supply has granted Tether a commanding 61% market share of all USD stablecoins. Circle, its closest competitor, trails behind with $60.4 billion in stablecoins and a market share of 24.6%, according to CoinGecko.
Implications and Outlook
Tron‘s recent surge in USDT supply highlights the ongoing battle for stablecoin dominance among various blockchains. The competition for stablecoin dominance is expected to intensify as more players enter the market, further driving innovation and adoption of stablecoins across different blockchain ecosystems.
It remains to be seen how this competitive landscape will evolve in the future. The future of USDT dominance on different blockchains will be shaped by factors like network scalability, regulatory clarity, and user preference. The ongoing competition will undoubtedly influence the adoption and growth of stablecoins in the broader cryptocurrency ecosystem.
