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 (TRX) USDT supply reached $73.8 billion, surpassing Ethereum’s (ETH) $71.9 billion. For the first time, Tron is leading in USDT issuance after nearly two years of steady growth, largely driven by inexpensive fees, rapid transaction settlement, and a dependable network.
Since mid-2023, Tron’s growth trajectory has shown remarkable consistency. The TRC-20 network has emerged as the preferred choice for large-scale Tether (USDT) transactions. In the first half of 2025 alone, over $14 billion worth of new USDT was minted on the network. Its popularity among decentralized finance (DeFi) users, traders, and businesses can be attributed to low transaction fees, quick block finality, and exceptional uptime. These factors have collectively positioned Tron as a favorable alternative in the ever-evolving crypto ecosystem.
In stark contrast, Ethereum’s USDT growth has reached a plateau. Many users are gravitating towards cheaper options like Tron or Layer-2 solutions, primarily due to high gas prices and slower settlement times on Ethereum. This shift indicates that while Ethereum was once the original home for USDT, its dominance in the stablecoin arena is waning as newer, more cost-effective alternatives gain traction.
Beyond the realm of stablecoins, Tron’s ecosystem is thriving. The network recently reported a staggering daily transaction volume exceeding 8.4 million, contributing to a total of over 10 billion transactions. Furthermore, Tron’s decentralized exchange volume experienced a significant surge, rising from $3.4 billion to $4.9 billion in April—a remarkable 40% increase compared to the previous month. The total value locked (TVL) within its ecosystem has now topped $5 billion, highlighting Tron’s growing appeal in the DeFi landscape.
Adding fuel to this momentum, on May 1, World Liberty Financial announced the integration of its USD1 stablecoin onto the Tron network. Additionally, at TOKEN2049 in Dubai, Tron revealed an innovative Gas Free feature, allowing users to pay fees without requiring TRX tokens. Such advancements not only enhance usability but also underscore Tron’s commitment to expanding its ecosystem.
As of now, TRX is trading at $0.2618, reflecting a 6% increase over the past week. Tron founder Justin Sun has indicated that he anticipates TRX could hit a new all-time high this quarter, thanks to the increasing activity on the network and its growing correlation with Bitcoin (BTC).
