- Tether created an additional $1 billion of its USDT stablecoin on the Tron network, raising Tron’s authorized USDT supply above Ethereum’s.
- Tron’s total authorized USDT is now about $73.7 billion, surpassing Ethereum’s $74.5 billion after the new minting.
- Tron also leads in circulating USDT, with $73.6 billion compared to Ethereum’s $71.8 billion.
- Tether mints new tokens to manage inventory, preparing for user requests and blockchain transfers.
- Total USDT in circulation has hit a record $150 billion, giving Tether 61% of the USD stablecoin market.
On May 15, Tether issued $1 billion worth of its USDT stablecoin on the Tron blockchain, which pushed Tron’s authorized USDT supply above Ethereum’s. The action occurred as part of the company’s regular minting operations to keep up with user demand and liquidity needs.
According to Tether’s transparency page, Tron’s authorized USDT reached $73.7 billion as of May 14. Ethereum held $74.5 billion in authorized USDT. With the minting of new tokens, Tron’s supply exceeded Ethereum’s for the first time since late 2024. In terms of USDT actually in use, Tron had $73.6 billion circulating, compared to Ethereum’s $71.8 billion.
Tether CEO Paolo Ardoino previously stated on X that some USDT blockchain mints are for inventory replenishment, not immediate market use. "This means the tokens will be used for the next batch of issuance requests and chain swaps," Ardoino explained. This process helps the company manage liquidity and prepare for future customer needs.
From July 2022 to November 2024, Tron led Ethereum in USDT distribution. But an $18 billion USDT mint on Ethereum in early 2025 allowed Ethereum to briefly lead. Tron’s latest mint has now put it back ahead, according to blockchain data and Tether’s published information.
Beyond Tron and Ethereum, Solana holds the third-largest share of authorized USDT with $2.3 billion. Avalanche is fourth, with $1.8 billion authorized on its network but $752 million circulating. The Open Network, Aptos, Near, Celo, and Cosmos have smaller shares.
According to CoinGecko data, Tether’s total USDT supply is now $150 billion, which is a 9.4% rise since the start of 2025. This growth gives Tether a 61% share of all U.S. dollar-pegged stablecoins, far ahead of Circle, which has $60.4 billion and a 24.6% market share.
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