The Tron network achieved an unprecedented milestone by surpassing the Ethereum network in the supply of stablecoin (USDT), according to 'CryptoQuant' data that showed USDT supply on the TRC-20 protocol reaching $73.8 billion, outperforming Ethereum's supply of $71.9 billion.
This change reflects an increasing shift towards Tron as the preferred option for executing large-scale stablecoin transactions, especially in emerging markets.
Factors of superiority:
CryptoQuant analysts believe that factors such as reduced transaction fees, rapid block production, and the network's high reliability were key in strengthening Tron's position.
Since mid-2023, the network has continued to issue over $1 billion of new USDT monthly, while the cumulative issuance in the first five months of 2025 surpassed $14 billion.
In contrast, the Ethereum network has seen a noticeable slowdown in the growth of USDT supply, due to rising gas costs and users shifting towards layer two solutions, which has weakened its position in the stablecoin market.
The technical architecture of the Tron network has also contributed to enhancing its position.
The network has shown high efficiency in block production at 99.7%, supported by a system of super representatives (SR) that includes 30 active representatives, of whom 24 produce more than 3.7% of the total blocks.
Growth amidst declining competitors:
This progress came at a time when competitors like USDC and TUSD are experiencing a decline in market share, which has helped 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' shows that stablecoins process an average of $521.3 billion weekly in 2025, far exceeding the processing of traditional payment networks like Visa ($319 billion) and PayPal ($32 billion).
A shift in the user base:
Novaque Research indicated that the shift towards Tron is not limited to the technical side 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, financial remittance platforms, and payment aggregators.
Despite the rapid expansion of the Tron network, the performance of the network's native cryptocurrency (TRX) has lagged.
It is trading at $0.26 at the time of writing this article, down 2% over 24 hours, but it has recorded a 7.8% increase on a weekly basis and 6.7% over the past month.
Nonetheless, this price remains 38% lower than its historical peak of $0.43, which it reached late last year.