The Tron network has achieved an unprecedented milestone by surpassing the Ethereum network in the supply of the stablecoin (USDT), according to data from 'CryptoQuant' which showed that the USDT supply on the TRC-20 protocol reached $73.8 billion, exceeding Ethereum's supply of $71.9 billion.
This change reflects an increasing shift towards Tron as the preferred option for executing large-volume stablecoin transactions, especially in emerging markets.
Competitive advantages:
CryptoQuant analysts believe that factors such as lower transaction fees, high block production speed, and the network's high reliability were crucial in enhancing Tron's position.
Since mid-2023, the network has continued to issue over $1 billion in new USDT monthly, while cumulative issuance in the first five months of 2025 has exceeded $14 billion.
In contrast, the Ethereum network has seen a noticeable slowdown in USDT supply growth, due to rising gas fees and users shifting towards layer two solutions, which weakened its position in the stablecoin market.
The technical architecture of the Tron network has also contributed to enhancing its position.
The network has demonstrated a high efficiency in block production at 99.7%, supported by a super representative (SR) system that includes 30 active representatives, 24 of whom produce more than 3.7% of the total blocks.
Growth amid declining competitors:
This progress came at a time when competitors like USDC and TUSD are experiencing a decline in market share, helping Tether solidify its dominance at 62.05% of the total stablecoin market, with a supply exceeding $150 billion, according to 'DeFiLlama' data.
In terms of transaction volume, data from 'Artemis' showed that stablecoins process an average of $521.3 billion weekly in 2025, far exceeding what traditional payment networks like Visa ($319 billion) and PayPal ($32 billion) process.
Shift in user base:
Novaque Research indicated that the shift towards Tron is not limited to the technical aspect, but reflects a broader change in global adoption dynamics.
While USDT holdings were previously concentrated among individual users, they have increasingly shifted to medium-sized wallets ranging from $10,000 to $1 million, indicating rising activity from over-the-counter trading desks, remittance platforms, and payment aggregators.
Despite the rapid expansion of the Tron network, the performance of the network's native cryptocurrency (TRX) has fallen short.
It is trading at $0.26 at the time of writing, down 2% over 24 hours, but has recorded a 7.8% increase on a weekly basis and 6.7% over the last month.
Nevertheless, this price remains 38% lower than its historical peak of $0.43, which was reached late last year.
