Stablecoin giant Tether has minted an additional 1 billion USDT tokens on the Tron blockchain, pushing Tron’s authorized USDT supply past that of Ethereum. Blockchain data on May 15 confirmed the 1 billion dollar-pegged stablecoin injection into the Tron network. This significant minting event shifts the balance, as Tether’s transparency page on May 14 showed Tron with an authorized USDT total of $73.7 billion, just shy of Ethereum’s $74.5 billion. With the newly minted tokens, Tron’s authorized supply now exceeds Ethereum’s.
Furthermore, Tron already holds the lead in circulating USDT, with approximately $73.6 billion actively in circulation on its network, compared to Ethereum’s $71.8 billion.
This latest minting is part of Tether’s ongoing strategy to replenish its USDT inventory, as previously explained by CEO Paolo Ardoino. These newly minted tokens are not immediately released into circulation but are held to meet future issuance requests and facilitate chain swaps, ensuring smooth liquidity management for the firm. The authorized supply on a network therefore serves as an indicator of Tether’s anticipated demand for the stablecoin on that particular blockchain.
The battle for USDT supply dominance between Ethereum and Tron has been dynamic. Tron maintained the lead in USDT circulation from July 2022 to November 2024. However, a substantial $18 billion USDT mint on Ethereum briefly put it ahead in early 2025. Tron has quickly caught up, with this latest mint once again propelling it past its competitor.
Beyond the top two, Solana holds the third-largest USDT supply with $2.3 billion authorized, followed by Avalanche with $1.8 billion. It’s noteworthy that while Avalanche has over $1 billion in authorized USDT, its net circulation stands at $752 million. Other networks like The Open Network, Aptos, Near, Celo, and Cosmos hold smaller authorized and circulating USDT supplies.
Overall, Tether’s total circulation continues to climb, reaching a record high of $150 billion. This represents a 9.4% increase since the start of 2025 and grants Tether a commanding 61% share of the total USD stablecoin market. Its closest rival, Circle, holds $60.4 billion in stablecoins, accounting for a 24.6% market share.
