Tether [USDT] Has Minted Another Massive $1 Billion on the Tron [TRX] Network

The latest data from CryptoQuant shows that Tether [USDT] has just minted another massive $1 billion in USDT – this time on the Tron [TRX] network. This latest move comes as no surprise, given that Tron has been steadily attracting high-volume transactions with lower fees and faster speeds.

Is stablecoin momentum shifting away from Ethereum?

After years of Ethereum dominance, the latest data shows Tron is rapidly catching up in total USDT supply, and may be on the verge of overtaking.

As of May 2025, Ethereum hosts approximately $74.5 billion in USDT, but Tron is nearly neck-and-neck, just a fraction below.

Source: Arkham

The chart reveals Tron’s relentless rise since early 2022, steadily eating into Ethereum’s lead. Ethereum’s USDT supply, by contrast, has plateaued and even dipped slightly in recent months.

With Tether’s latest $1 billion mint on Tron, the network appears poised to finally flip Ethereum in the stablecoin hierarchy.

Tron: 9 million and counting

This new data comes as Tron continues to smash new highs in transaction activity. According to the latest data from TronScan, Tron has processed over 9 million transactions in the past day.

Source: TronScan

Over the past year, daily transaction counts have increased steadily, rising from around 6 million to consistently exceeding nine million, with occasional spikes nearing eleven million.

Since January 2025, this growth has accelerated, indicating rising utility and adoption.

This sustained high volume reinforces TRX’s position as the leading network for stablecoin transactions, particularly for USDT transfers.

Is Ethereum losing the stablecoin race?

Of course, the implications of this shift are significant for the broader cryptocurrency landscape. With Tron rapidly closing the gap, the question arises: could this spell the beginning of Ethereum’s dominance being challenged?

The potential for this shift is linked to Ethereum’s high gas fees, which create a competitive disadvantage for the network. For stablecoin issuers like Tether and everyday users, the cost of minting, transferring, and interacting with USDT on Ethereum remains much higher than on Tron.

As a result, issuers are choosing cheaper networks, and users are following liquidity and efficiency.

The high transaction volume on Tron is a testament to the network’s efficiency in handling a large number of transactions at lower costs. In contrast, despite Layer 2 scaling solutions like Optimism and Arbitrageur, Ethereum’s gas fees remain a bottleneck, especially during periods of congestion.

Unless Ethereum significantly improves scalability and reduces costs beyond Layer 2 solutions, it risks being overtaken by faster, more affordable alternatives.