On May 6, 2025, for the first time ever, the total supply of USDT on Tron (TRC-20) surged past that on Ethereum (ERC-20), reaching $73.8B versus $71.9B. This crossover was bound to happen—and it’s finally here. It’s the result of:
1. Tron Ascending Dominance
Since mid-2023, USDT issuance on Tron has climbed steadily, with $1.0B minted regularly. Tron’s low fees, fast block times, and reliable uptime have made it a trusted conduit for large-scale USDT flows. In just the first half of 2025, over $14.0B in new USDT was issued on Tron alone.
2.. Ethereum’s Plateau and Recent Decline
Ethereum’s USDT supply jumped sharply in late 2024 (fueling DeFi activity) but has since leveled off and dipped slightly. Traders and protocols are increasingly moving liquidity off-chain or onto cheaper Layer-2 networks due to high gas fees and less efficient networks.
Written by maartunn
