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Tron has officially surpassed Ethereum in total circulating USDT, marking a major shift in the stablecoin space.

According to a May 12 post by CryptoQuant contributor Maartunn, on May 6, Tron’s USDT supply reached $73.8 billion, exceeding Ethereum’s $71.9 billion. Tron is now leading in USDT issuance for the first time after almost two years of steady growth, propelled by cheap fees, quick settlement times, and a stable network.

Since mid-2023, Tron’s growth has been consistent. The TRC-20 network has become the preferred choice for large-scale Tether transactions, with more than $14 billion worth of new USDT being minted on the network in just the first half of 2025. It has gained popularity among decentralized finance users, traders, and businesses due to its low transaction fees, quick block finality, and reliable uptime.

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It'll be interesting to see how this competition shapes future USDT deployment and whether Ethereum Layer 2 solutions can reclaim that ground. Thank you 💥 👍