The Tron network could overtake Ethereum in Tether (USDT) circulation following a major issuance by the US issuer of stablecoins.
On May 5, Tether minted an additional $1 billion USDT on the Tron network, Arkham Intelligence reports. This brings Tron's total USDT supply to $71.4 billion, according to Tether's transparency report.
Currently, there is $72.8 billion circulating on Ethereum. With only $1.4 billion difference, Tron could soon surpass Ethereum as the leading network in USDT issuance, a position it held between July 2022 and November 2024.
However, a large mintage of $18 billion in Ethereum recently changed the balance, as CryptoQuant points out.