Tron Overtakes Ethereum to Become the Leading Blockchain for Stablecoin Transactions

In a landmark shift, Tron TRX overtakes Ethereum to become the largest network for stablecoin transactions, primarily driven by Tether (USDT).

Tron has overtaken Ethereum to become the largest network for stablecoin transactions, largely due to Tether’s (USDT) large treasury and Tron’s minimal transaction fees.

As of May 19, Tron is home to $75 billion in USDT, which captures 49.55% of the total $152 billion Tether supply, compared to Ethereum’s 40.79%, according to data from DefiLlama.

In the seven days to May 19, Tron saw $2.12 billion in increases to its USDT and USDC volume, while Ethereum saw a $1.01 billion decrease.

Tron's edge lies in its minimal transaction fees, usually under $0.01 compared to Ethereum’s $0.14, and faster settlement times, making it ideal for peer-to-peer transfers, especially in emerging Asian markets.

Tron’s network now processes over 8.3 million daily transactions and facilitates 29% of global stablecoin transfer volume, outpacing Ethereum’s decreasing share.

In 2025 alone, Tether has minted $16 billion in new USDT on Tron, including a $1 billion mint in mid-May, pushing its authorized supply past Ethereum’s $74.5 billion.

Tron’s zero-fee USDT transactions, introduced in January 2025, are a game-changer for mass adoption, further boosting its edge over Ethereum. The integration of World Liberty Financial’s USD1 stablecoin on Tron, announced at TOKEN2049 in Dubai, also underscores its expanding ecosystem.

Despite Losing Top Spot, Ethereum Remains Stablecoin Hub

Although Tron has claimed the primary spot, Ethereum remains a powerhouse for stablecoin activity. In April 2025, Ethereum had $908 billion in on-chain volume, driven by its diverse stablecoin mix, which includes USDC and USDT.

Ethereum’s strength lies in its robust decentralized finance (DeFi) ecosystem, hosting complex financial applications that Tron has yet to replicate. However, high gas fees and scalability issues have pushed liquidity to Tron, particularly for high-volume USDT transfers.

Tron’s near-zero fees and Gas Free feature, which eliminates the need for TRX holdings, have secured its leadership. Nonetheless, Ethereum’s diverse stablecoin offerings and institutional adoption keep it competitive, with USDC alone recording $500 billion in transactions in 2025.

The ongoing “stablecoin war” showcases a multi-chain future, with Tron leading for efficiency and low fees, and Ethereum excelling in sophistication and institutional presence. As the cryptocurrency landscape evolves, it will be interesting to see how these two major networks continue to compete and innovate.