Tron Surpasses Ethereum as Leading Network for USDT Liquidity

Tether’s flagship stablecoin, USDT, is undergoing a major migration—this time in favor of the Tron blockchain.

In 2025 alone, over $16 billion in new USDT has been minted on Tron, propelling its total supply on the network past $75.7 billion and overtaking Ethereum’s long-standing dominance for the first time.

According to data compiled from TronScan, Lookonchain, and insights by analyst Maartunn, Tron now facilitates more than half of the $151 billion circulating USDT supply. This marks a significant shift in how stablecoin liquidity is distributed across blockchains, with Tron emerging as the top network for USDT transactions and storage.

The move follows a surge in Tron network activity, which recently registered over 60 million transactions in a single week—third only to Solana and Base. The uptick in usage comes after a slowdown in 2024, when falling asset prices briefly diverted USDT flows to other chains. Tron has since reasserted itself as a key player in the stablecoin ecosystem.

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Part of the strategy lies in Tether’s inventory model. As explained by CEO Paolo Ardoino, many newly minted tokens are held in reserve for chain swaps or future issuance. This allows Tether to rapidly respond to network-specific demand, which appears to be accelerating on Tron.

With Ethereum ceding ground, the current trend points to a stablecoin landscape that’s increasingly multi-chain, but now led—at least for USDT—by Tron.

Alexander Stefanov