Tron has officially overtaken Ethereum as the blockchain network with the highest circulating supply of USDT, a major milestone in the stablecoin sector.
Data indicates that as of May 6, the volume of USDT circulating on Tron’s TRC-20 network reached $73.8 billion, surpassing Ethereum’s ERC-20 network, which stood at $71.9 billion. This marks the first time Tron has led Ethereum in USDT issuance, reflecting nearly two years of continuous growth fueled by its affordability, fast transaction confirmations, and dependable network uptime.
Since mid-2023, Tron’s growth has accelerated notably, especially within the stablecoin market. In just the first half of 2025, the platform has seen more than $14 billion in newly minted USDT, making it particularly attractive for high-volume trading, decentralized finance applications, and business-related transactions. Users increasingly prefer Tron due to lower transaction costs and faster processing compared to Ethereum.
On the other hand, Ethereum’s position in the stablecoin market has plateaued as high gas fees and relatively slower transaction finality continue to push users toward cheaper alternatives like Tron and various Layer-2 solutions.
Alongside stablecoin dominance, Tron has achieved growing success across its broader ecosystem. Currently, the network processes over 8.4 million transactions daily, recently crossing a total transaction milestone of 10 billion. The decentralized exchange activity on Tron saw impressive growth, with volume surging by 40% from $3.4 billion in March to $4.9 billion in April of this year. Additionally, the platform’s Total Value Locked (TVL) now exceeds $5 billion.
Adding to this expansion, World Liberty Financial announced in early May the integration of its USD1 stablecoin onto Tron’s blockchain. Moreover, during the TOKEN2049 conference held in Dubai, Tron introduced a new “Gas Free” feature, enabling users to conduct transactions without needing to hold TRX tokens for fees.
Reflecting this momentum, the price of TRX has risen to $0.2618, showing a 6% increase over the past week. Tron’s founder, Justin Sun, recently predicted that TRX will reach a new all-time high this quarter, attributing this anticipated performance to heightened network usage and its strengthening correlation with Bitcoin.
