The Tron Network Achieves a Milestone in Stablecoin Supply
In an unprecedented turn of events in the digital currency space, the Tron network has now surpassed Ethereum in terms of Tether (USDT) stablecoin circulation. Recent figures from CryptoQuant reveal that Tron’s TRC-20 network now boasts a USDT supply of $73.8 billion, narrowly outpacing Ethereum’s supply of $71.9 billion. This shift underscores a growing preference for Tron’s network, particularly for executing large-volume stablecoin transactions in burgeoning markets.
Why Tron Is Leading in Stablecoin Circulation
Experts from CQ have pinpointed several reasons behind Tron’s ascendancy including its lower transaction costs, quicker block times, and consistently dependable network operations. This development marks a significant milestone, achieved through steady growth since mid-2023, with a remarkable issuance of more than $14 billion in USDT in the initial five months of 2025 alone. In contrast, Ethereum has seen a plateau in its USDT supply, attributed to its higher gas fees and a user shift towards Layer 2 solutions.
Tron’s network infrastructure has also been lauded for contributing to this stablecoin surge. A recent analysis by CryptoQuant highlighted the blockchain’s high block production efficiency rate of 99.7%, showcasing the effectiveness of its Super Representative system. Presently, 30 SRs maintain consistent activity on the network, contributing to its stability.
Moreover, Tron’s edge in stablecoin transactions is further evidenced by the declining market share of competitors like USDC and TUSD. According to DefiLlama, Tether dominates the stablecoin sector with a 62.05% market share, equating to a circulating supply exceeding $150 billion. Notably, stablecoins are now processing transactions volumes that surpass those of traditional payment companies, with weekly averages of $521.3 billion in 2025, significantly higher than Visa and PayPal.
The Changing Landscape of Stablecoin Users
Research from Novaque has shed light on the changing demographics of USDT users, indicating a shift from retail holders to mid-sized wallets, which typically store between $10,000 and $1 million. This trend suggests growing interest and participation from over-the-counter (OTC) desks, cross-border remittance services, and payment aggregators.
Despite the network’s impressive growth, the native TRX token has seen relatively modest performance. Currently trading at $0.26, it has experienced a slight decrease over the last 24 hours but has shown gains over the week and month. Even so, its value remains 38% lower than its peak last year, signaling room for potential growth.
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