According to Cointelegraph, the Tron network is on the verge of surpassing Ethereum in Tether (USDT) circulation following a significant mint by the U.S. stablecoin issuer. On May 5, Tether minted an additional $1 billion USDT on the Tron network, as reported by Arkham Intelligence. This minting increased the total USDT on Tron to $71.4 billion, according to the Tether Transparency report. In comparison, Ethereum currently hosts $72.8 billion USDT, meaning Tron needs just $1.4 billion more to become the leading network for the world's largest stablecoin issuer, a position it held between July 2022 and November 2024. During that period, Tron was ahead of Ethereum until a substantial $18 billion mint on Ethereum shifted the balance, as noted by CryptoQuant.
Solana ranks as the third-largest network for USDT, with $1.9 billion in circulation, while smaller amounts are distributed across networks such as Ton, Avalanche, Aptos, Near, Celo, and Cosmos. Tether's total circulation has reached a record high of $149.4 billion USDT, marking an 8.6% increase since the start of the year. This growth has secured Tether a dominant stablecoin market share of 61%, as reported by CoinGecko. Its closest competitor, Circle, holds a 25% market share with nearly $62 billion USDC in circulation. The issuance of stablecoins has surged over the past six months, now representing 8% of the total cryptocurrency market capitalization.
In late April, the United States Treasury Department projected that the stablecoin market could reach $2 trillion by 2028, contingent upon regulatory clarity. Two key pieces of legislation are believed to be crucial for establishing stablecoins' position in the U.S. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act outlines definitions for "payment stablecoins" and reserve rules for issuers. Reports indicate that U.S. Senate lawmakers will proceed with a vote on the GENIUS stablecoin bill before May 26. Concurrently, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, which addresses the approval and oversight of "federally qualified nonbank payment stablecoin issuers," is advancing through Congress. Tether is also planning to introduce a U.S.-based stablecoin later this year, contingent upon the passage of relevant legislation.
