Tron USDT Supply: Astonishing $1B Mint Pushes Tron Ahead of Ethereum

Big news in the crypto world! Tether, the issuer of the popular USDt stablecoin, just minted a massive $1 billion worth of Tron USDT tokens. This move has significant implications, potentially shifting the balance of power in the stablecoin landscape and putting Tron‘s authorized USDT supply ahead of Ethereum‘s. For anyone following the fierce competition between blockchain networks for stablecoin dominance, this is a development you won’t want to miss.

What the $1 Billion Tron USDT Mint Means

On May 15, blockchain data confirmed that Tether’s treasury generated 1 billion USDT tokens on the Tron network. This wasn’t just a routine transaction; it represents a substantial increase in the potential USDT supply available on the network.

Let’s look at the numbers:

• Before the mint (as of May 14), Tron had approximately $73.7 billion in authorized USDT.
• Ethereum held the lead with about $74.5 billion in authorized USDT.
• The new $1 billion mint on Tron brings its authorized total to roughly $74.7 billion, surpassing Ethereum‘s figure.

It’s important to distinguish between ‘authorized supply’ and ‘circulating supply’. Authorized supply refers to the total amount of a token that has been minted and is available to be issued. Circulating supply is the amount currently in active use on the network. Tron already leads in circulating USDT, with around $73.6 billion compared to Ethereum‘s $71.8 billion.

Tether’s Strategy: Inventory and Demand

Tether CEO Paolo Ardoino has explained that these large mints are often part of the company’s inventory management. Think of it like a store restocking its shelves. Tether mints USDT to replenish its token inventory on various blockchain networks.

This inventory is then used to fulfill future issuance requests and facilitate chain swaps (moving USDT from one blockchain to another). By minting in advance, Tether ensures smooth liquidity management and can quickly respond to demand for USDT on specific networks.

Therefore, a large authorized USDT supply on a network indicates that Tether anticipates significant future demand for the stablecoin on that particular blockchain.

The Ongoing Battle: Tron vs. Ethereum USDT

The competition for USDT dominance between Tron and Ethereum has been dynamic. Tron held the lead in USDT circulation for a long period between July 2022 and November 2024. However, an $18 billion mint on Ethereum temporarily pushed it ahead in early 2025.

Tron quickly caught up, and this latest $1 billion mint on Tron solidifies its position, at least for now, in terms of authorized USDT supply. The battle reflects which network is currently seeing higher demand for stablecoin transactions, often influenced by factors like transaction fees, speed, and ecosystem activity.

Beyond the Top Two: Other USDT Networks

While Tron and Ethereum dominate, Tether issues USDT on several other blockchains. According to Tether‘s transparency page:

• Solana ranks third with about $2.3 billion authorized USDT.
• Avalanche is fourth with approximately $1.8 billion authorized USDT, although its circulating supply is lower at around $752 million.
• Networks like The Open Network, Aptos, Near, Celo, and Cosmos hold smaller authorized and circulating USDT amounts.

Tether’s Market Dominance

This mint on Tron also highlights Tether‘s overall strength in the stablecoin market. CoinGecko data shows Tether‘s total circulation is at a record high, increasing significantly since the start of 2025. This gives Tether a dominant 61% share of the total USD stablecoin market.

Circle, the issuer of USDC, is Tether‘s closest competitor, holding around $60.4 billion in stablecoins and a market share of 24.6%.

Summary: Tron Takes the Lead (For Now)

The recent $1 billion USDT mint on Tron is a significant event, pushing Tron‘s authorized USDT supply past Ethereum‘s and reinforcing its lead in circulating USDT. This move is part of Tether‘s strategy to maintain inventory and meet anticipated demand on the Tron network. The ongoing competition between these major blockchains for stablecoin activity remains a key narrative in the crypto space, while Tether continues to assert its strong dominance over the entire stablecoin market.