Source: Cointelegraph
Original: “After Minting $1 Billion, Tron’s USDT Supply Will Exceed Ethereum”
Stablecoin issuer Tether has minted another $1 billion in Tether (USDT) on the Tron network, bringing the authorized USDT supply on this network above that of Ethereum.
According to blockchain data, on May 15, Tether treasury minted $1 billion in USDT on the Tron network.
As of May 14, 2025, Tether's stablecoin transparency page shows that the total authorized USDT on Tron is $73.7 billion, while the total authorized USDT on Ethereum is $74.5 billion. If the newly minted tokens are added to the total authorized USDT assets, Tron’s supply will surpass Ethereum’s USDT supply.
In terms of circulating supply, Tron is also in the lead, with $73.6 billion in USDT on the network, compared to Ethereum's $71.8 billion.
Tether CEO Paolo Ardoino previously stated on the X platform that some of the blockchain-based USDT minted by the company is used to replenish their USDT inventory on the blockchain network. This means these tokens will be used for the next batch of issuance requests and on-chain exchanges.
In a traditional business environment, inventory replenishment requires ordering stock to meet demand. Similarly, Tether may mint USDT to maintain a sufficient supply and hold these assets until formal issuance. This ensures smooth liquidity management for the company.
This also means that the authorized USDT supply on a particular network indicates the stablecoin issuer's expectation of future demand for stablecoin issuance on that blockchain.
From July 2022 to November 2024, Tron led in USDT circulation. However, according to CryptoQuant data, $18 billion in USDT was minted on Ethereum in 2025, temporarily putting that network in the lead. But Tron’s USDT supply quickly caught up, and the latest minting has once again put it ahead of Ethereum.
According to Tether's transparency page, Solana has the third-largest USDT supply in the market, with an authorized amount of $2.3 billion. Avalanche has an authorized USDT of $1.8 billion, making it the fourth-largest network in terms of authorized USDT supply. Although Avalanche's authorized USDT exceeds $1 billion, the net circulating supply on that network is only $752 million.
Meanwhile, The Open Network, Aptos, Near, Celo, and Cosmos have smaller authorized and circulating USDT supplies.
CoinGecko data shows that Tether's total circulating supply has reached a historic high of $15 billion, a 9.4% increase from the supply at the beginning of 2025. This gives the stablecoin issuer a 61% market share of all dollar-pegged stablecoins.
According to CoinGecko statistics, Tether's closest competitor, Circle, has $60.4 billion in stablecoins, with a market share of 24.6%.
Related: Senate Plans to Pass Stablecoin Bill Next Week, Removing Language Against Trump
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