Tron is making serious moves again in the stablecoin space. After a fresh $1 billion USDT mint, the total Tether supply on Tron has surged to $71.4 billion—just a hair behind Ethereum’s $72.8 billion. For a bit of context, Tron was actually leading in USDT circulation between mid-2022 and late 2024, before Ethereum reclaimed the top spot with a massive mint of its own.
Meanwhile, Solana sits in third place with $1.9 billion worth of USDT—still far behind the big two.
Overall, Tether’s total circulation has hit an all-time high of $149.4 billion, giving it a dominant 61% share of the stablecoin market. And get this: stablecoins now make up 8% of the entire crypto market cap. That’s a huge leap and shows just how central they’ve become in the crypto economy.
On the regulatory front, the U.S. is getting serious. With bills like the GENIUS Act and the STABLE Act gaining momentum, there’s a real push to bring more clarity to the stablecoin space. Tether even has plans to launch a U.S.-based stablecoin, depending on how the legislation plays out.
And the growth potential is massive. According to the U.S. Treasury, the stablecoin market could hit $2 trillion by 2028. With the Senate preparing to vote on the GENIUS bill soon, we’re likely to see some major shifts in how stablecoins are regulated—and possibly used—in the near future. $USDC