Tron (TRX) Closes the Gap with Ethereum (ETH) in Circulating Tether (USDT)

Tron is quickly closing the gap with Ethereum in terms of circulating Tether (USDT), following a recent $1 billion mint on May 5.

According to blockchain analytics firm Arkham Intelligence, this latest issuance brings the total amount of USDT on the Tron network to $71.4 billion.

As of May 5, Ethereum currently leads with $72.8 billion, based on data from Tether’s Transparency Report.

Tron previously held the lead from July 2022 to November 2024.

However, Ethereum pulled ahead after a significant $18 billion mint late last year. Since then, Tron has been steadily growing, nearly erasing the difference.

Just $1.4 billion more on Tron would make it the top network for Tether again.

Solana ranks third, hosting around $1.9 billion in USDT. Other networks such as Ton, Avalanche, Aptos, Near, Celo, and Cosmos support Tether in smaller volumes.

Tether Hits Record Supply, Remains Market Leader

The new data from Tether shows that the total supply of USDT has climbed to an all-time high of $149.4 billion.

This is up 8.6% since the beginning of 2025, and it gives Tether a dominant 61% share of the global stablecoin market, according to CoinGecko.

In comparison, its main competitor, Circle—the issuer of USD Coin (USDC)—has about $62 billion in circulation, giving it a 25% share. The remaining portion is divided among smaller stablecoin projects.

Stablecoins now make up roughly 8% of the entire cryptocurrency market capitalization, highlighting their increasing role in the ecosystem. They are typically tied to the U.S. dollar and serve as tools for stable, fast, and low-cost transactions.

U.S. Lawmakers Move Toward Stablecoin Regulation

Two U.S. bills could bring major changes to the stablecoin market. The GENIUS Act proposes clear definitions and reserve requirements for payment stablecoins. The STABLE Act would regulate how nonbank stablecoin issuers are approved and monitored.

A vote on the GENIUS Act is expected in the U.S. Senate before May 26. If passed, these laws could provide long-awaited clarity for issuers and boost confidence in stablecoins.

Tether has also announced plans to launch a U.S.-based stablecoin later this year, depending on how these regulatory efforts unfold.