- Tron nears Ethereum in USDT supply with $71.4B after a $1B mint, just $1.4B behind.
- Tether leads the stablecoin market with $149.4B USDT in circulation and 61% market share.
- U.S. regulations may boost growth as key stablecoin bills advance in Congress.
The launch of USDT supply worth $1 billion through the Tron blockchain brought Tether holdings nearer to outstripping Ethereum’s total Tether network issuance. The recent substantial increase in USDT supply has positioned Tron near Ethereum’s current leadership position as platforms fight to dominate the stablecoin market.
Tron Nears Top Spot in USDT Supply
The latest $1 billion mint triggered Tron to regain its position as Tether’s leading USDT distribution platform according to Arkham Intelligence reports. USDT supply on Tron reached $71.4 billion after recent minting according to Tether transparency data which now trails Ethereum’s $72.8 billion issuance by $1.4 billion.
From July 2022 through November 2024 Tron maintained a dominant position over Ethereum by providing USDT supply. CryptoQuant reports that Ethereum achieved a comeback following a substantial $18 billion mint. The blockchain maintains a close margin behind Tron and displays the potential to reestablish its former leadership position.
Solana Holds Distant Third as Smaller Networks Trail
The cryptocurrency network Solana currently maintains $1.9 billion worth of USDT as its third-largest form of circulation behind Tron and Ethereum. Additional blockchains maintain smaller portions of Tether’s total supply including Ton, Avalanche, Aptos and Near and Cosmos and Celo.
USDT sister coin hit its maximum circulating value at $149.4 billion according to CoinGecko statistics which grew by 8.6% during January 2025. Tether successfully expanded its market presence to establish leadership in stablecoins and retains authority over 61% of all stablecoins. USDC from Circle controls 25% of the stablecoin market with an outstanding $62 billion supply.
Regulatory Progress May Shape Future Growth
The growing stablecoin supply requires U.S. authorities to create official market regulations. The industry’s future regulatory structure will be shaped by two major pieces of proposed legislation. GENIUS Act provides operational rules for payment of stablecoins and establishes protocols for stablecoin issuers to maintain their reserve assets.
Reports from multiple network sources indicate the GENIUS Act will undergo Senate evaluation on May 26. The GENIUS Act remains under evaluation by the Senate as the STABLE Act completes its congressional review process. The STABLE Act establishes regulatory oversight for government monitoring of non-bank entities that operate stablecoins.
Tether aims to create its stateside stablecoin when relevant regulatory approvals become finalized during the forthcoming months. Operations for the Tether stablecoin introduction to the U.S. market stayed delayed because regulatory standards needed to be established before the launch.
Stablecoins currently represent an 8% share of the entire cryptocurrency market worthwhile their digital asset prominence continues to rise. The U.S. Treasury forecasted in their April report that stablecoins would achieve a potential $2 trillion market value by 2028 subject to thorough and complete regulatory framework creation from lawmakers and agencies.
