The stablecoin USDT issuer Tether has launched its own public chain and raised so much money. Does Sun's Tron chain have a sense of crisis?
According to reports from Benzinga, CoinDesk, and CryptoSlate in July 2025, the issuance of USDT on the Tron chain has surpassed 80 billion, firmly holding the top position among global USDT ecological public chains. It is worth mentioning that more than half of USDT is issued on the Tron network.
Currently, USDT accounts for nearly 63% of the global stablecoin market share, with a total circulation exceeding 163.7 billion USD.
Data from Token Terminal shows that since January 2025, Tron has cumulatively issued approximately 20 billion TRC20-USDT, maintaining the top position globally in terms of USDT issuance, trading volume, and daily active users.
However, on the flip side, an analysis by CryptoQuant in March 2025 shows that USDT already accounts for 98.5% of the total stablecoin supply on the Tron network.
In other words, if Tether does not use the Tron chain and simply reduces the USDT supply by half, there will still be half issued on other public chains for trading. Now they want to launch their own public chain to trade their USDT. Moreover, they can transfer the previous supply on Tron to other public chains.
But if Tron has no USDT, it is left with only 1.5% of other stablecoin supply. Relying on this remaining 1.5% of other stablecoin trading to collect gas fees, Tron would likely starve.
Although Sun has partnered with the Trump family's company WLFI to issue the USD1 stablecoin, the current market share of USD1 is too low, and its share has been declining recently. Today, its market share has fallen to 0.84%, which is not even on the same scale as USDT's 62.86% market share.
Even if USD1 were traded entirely on the Tron chain, relying on this little transaction fee, Tron would still starve, not to mention that USD1 is also issued on other chains, such as BNB Chain, which holds a large share of USD1 trading.
Sun should take a trip to space on Blue Origin to clear his mind; this is too distressing!
