Fresh $1B in Tether mints on Tron, closing gap again with Ethereum
The Tron network is nearing the lead over Ethereum in Tether (USDT) circulation after Tether minted $1 billion USDT on Tron, raising its total to $71.4 billion. Ethereum currently has $72.8 billion USDT, making the gap only $1.4 billion for Tron to reclaim the top position. Tron led USDT circulation from July 2022 to November 2024 before an $18 billion mint on Ethereum shifted the balance. Solana is the third-largest network with $1.9 billion USDT. Tether's total circulation is at a record high of $149.4 billion, giving it a 61% market share, while competitor Circle holds 25% with $62 billion USDC. Stablecoins represent 8% of the total crypto market capitalization, with predictions of reaching $2 trillion by 2028 if regulatory clarity is achieved. Key US legislation, including the GENIUS Act and STABLE Act, is expected to advance, impacting stablecoin regulation. Tether plans to launch a US-based stablecoin later this year, contingent on legislative progress.
