Tron has regained its dominance in hosting the stablecoin USDT, as it now holds over half of Tether’s total supply. As of May 16, more than 50% of USDT tokens, which ranks as the world’s largest stablecoin in terms of market capitalization, are now running on the Tron blockchain. This milestone signifies that Tron has surpassed Ethereum and all other blockchain networks combined regarding USDT holdings.
Data from TronScan indicates that Tron currently hosts more than $75.7 billion worth of USDT. With Tether’s total market cap sitting at around $151 billion, this confirms Tron’s share has narrowly surpassed the critical 50% threshold.
The surge in Tron’s stablecoin activity comes amid a notable increase in blockchain transactions. In the past week alone, Tron registered more than 60 million transactions, securing its position as the third busiest blockchain network, trailing Solana’s 433 million transactions and Base’s 67 million.
Tron’s recent recovery in stablecoin market share follows a difficult period at the end of 2024. During that time, declining crypto market prices prompted investors on Ethereum, Solana, and various other chains to shift into stablecoins, significantly increasing USDT reserves on those platforms. However, as the crypto markets rebounded, these investors reversed this trend, converting stablecoins back into assets like Bitcoin and altcoins. Tron, characterized by its inexpensive transaction fees and strong integration with stablecoin transfers, was consequently able to reclaim its dominant position.
Furthermore, Tron’s close partnership with the stablecoin issuer Tether has played an essential role in reinforcing its position. In January, Tether facilitated a large-scale migration of around $1 billion worth of USDT to the Tron blockchain, transferring tokens originally stored in cold wallets on another major crypto exchange.
This series of developments underscores Tron’s resilience in the stablecoin sector, driven primarily by low fees, strategic collaborations, and extensive on-chain activity.
