Tron has finally overtaken Ethereum as the top blockchain for Tether USDT holdings, with a whopping 16 billion tokens minted in 2025. This is the very first time on record that Tron led, according to data presented by Lookonchain and TronScan. Over half of Tether’s overall market capitalization of $151 billion sits on this network.
This flip did not happen overnight. Maartunn also recorded Tron’s USDT at $73.8 billion on May 12, which was already past Ethereum’s $71.9 billion. It has grown ever since.
Tether’s Big Minting Adds to Tron USDT Supply
Tether’s competitive minting policy is mostly to blame here. The firm minted an astonishing 16 billion fresh USDT on Tron in 2025 alone. Tether CEO Paolo Ardoino justified this as an inventory play, stockpiling tokens in anticipation of future demand and chain swaps.
Interesting as it may be, these coins that are being minted are not always put into circulation. Rather, they lie dormant like an inventory in a warehouse, holding out for the time when demand is greatest. The vehicle of preference for such stash appears to be Tron.
More Activity on Tron Blockchain
Beyond minting, the balance of Tron’s network has processed over 60 million last week, placing it behind only Base and Solana. That’s volume that speaks to the greater Tron USDT supply that reflects true user activity.
Compare this to later on in 2024, when falling crypto prices necessitated stablecoin usage on Ethereum and Solana. Tron has decidedly turned around, as a destination of first resort for USDT purchases and sales.
Why Tron’s Dominance Matters in Crypto
Tron’s dominance over Ethereum in USDT supply is a flip in stablecoin dynamics. Having over 50% of the total USDT locked on its blockchain, Tron controls how liquidity flows in the market. This can affect transaction cost and speed for millions of users. Further, Tether’s targeting of Tron for new mints demonstrates strategic optimism for the future direction of the network.
