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From 2022 to 2024, Tron led Ethereum in USDT circulation—and now, it’s on track to reclaim that position.
On May 5, leading stablecoin issuer Tether minted another $1 billion worth of USDT on the Tron network, according to data from Arkham Intelligence. This latest issuance brings the total USDT circulating on Tron to $71.4 billion, based on Tether’s transparency report.
Meanwhile, Ethereum currently hosts $72.8 billion in circulating USDT—just $1.4 billion more than Tron. If this trend continues, Tron is poised to overtake Ethereum once again as the top network for the world’s largest stablecoin, a title it held from July 2022 to November 2024. Previously, an $18 billion mint on Ethereum allowed it to regain the lead, according to CryptoQuant.
Solana ranks third, with $1.9 billion USDT in circulation. Smaller amounts of USDT also exist on Ton, Avalanche, Aptos, Near, Celo, and Cosmos. 1 reply
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