- Tether minted 16B USDT on Tron in 2025; Tron’s USDT supply now tops Ethereum’s.
- Over half of USDT’s ~$151B market cap now resides on the Tron blockchain network.
- Tether CEO Paolo Ardoino cites inventory strategy for USDT mints; Tron activity up.
Tether has significantly ramped up its USDT minting operations on the Tron blockchain in 2025, issuing an additional 16 billion USDT and pushing the total for that network beyond $75.7 billion. Data recently published by platforms such as Lookonchain and TronScan confirms a pivotal shift: USDT circulation on Tron has now, for the first time, exceeded the amount on Ethereum.
This change marks a shift in how stablecoin liquidity is distributed across major blockchains, with Tron now hosting over half of the total USDT supply in circulation.
Tron Becomes Leading Blockchain for USDT Stablecoin Supply
Additionally, according to data shared by analyst Maartunn on May 12, the Tron-based supply of USDT reached $73.8 billion, overtaking Ethereum’s $71.9 billion at the time. That trend has continued, with Tron now accounting for more than 50% of all USDT in circulation, based on figures from TronScan and Tether’s reported supply metrics.
Related: TRON Surpasses $70B in USDT and Eyes ETF Launch, Is Mainstream Adoption Launch?
Given Tether’s total market capitalization for USDT stands at approximately $151 billion, these figures mean that a majority of its supply is currently facilitated by the Tron blockchain. Consequently, Ethereum, which historically held the largest share of USDT, has now fallen behind in terms of total on-chain supply.
Tether CEO Paolo Ardoino Explains USDT Minting and Inventory Strategy
Tether CEO Paolo Ardoino previously explained that some blockchain-based USDT minting operations serve as inventory supply for future issuance and chain swaps. In this system, new tokens may not enter circulation immediately but are reserved to fulfill upcoming issuance requests across supported blockchains.
Related: Tether Mints $1 Billion USDT on Tron to Meet Market Demand
This inventory approach mirrors traditional supply chain management, where stock is produced in anticipation of demand. In Tether’s case, issuing new USDT on Tron may indicate the company’s expectation for higher demand on a specific network.
Increased Tron Network Activity Supports Shift in USDT Liquidity
The increase in Tron’s USDT supply corresponds with a rise in network activity. In the week, Tron recorded more than 60 million transactions, ranking third in blockchain activity after Solana’s 433 million and Base’s 67 million.
This follows a reversal from late 2024, when USDT issuance on Tron declined due to falling digital asset prices. That downturn led to increased stablecoin activity on other chains, such as Ethereum and Solana. Since then, Tron has regained ground as a preferred blockchain for USDT holdings and transactions.
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