Tron overtakes Ethereum to become the leading blockchain for stablecoin transactions, driven by Tether’s $75 billion supply and lower fees, marking a significant shift in the crypto ecosystem in 2025.

Tron Captures Nearly 50% of USDT Stablecoin Market Share

In a landmark shift, Tron TRX overtakes Ethereum to become the largest network for stablecoin transactions, primarily driven by Tether (USDT). As of May 19, 2025, Tron hosts over $75 billion in USDT, capturing 49.55% of Tether’s $152 billion total supply, compared to Ethereum’s 40.79%. 

Source: DefiLlama

This milestone follows a $2.12 billion increase in Tron’s USDT and USDC volume in a single week, while Ethereum saw a $1.01 billion decline. Tron’s appeal lies in its low transaction fees – often under $0.01 compared to Ethereum’s $0.14 – and faster settlement times, making it a preferred choice for peer-to-peer transfers, especially in emerging markets like Asia.

Learn more: USDC vs USDT Comparison: Which Stablecoin is Better?

Tron’s network now processes over 8.3 million daily transactions and facilitates 29% of global stablecoin transfer volume, outpacing Ethereum’s declining share. In 2025 alone, Tether minted $16 billion in new USDT on Tron, including a $1 billion mint in mid-May, pushing its authorized supply past Ethereum’s $74.5 billion.

Tron’s zero-fee USDT transactions, introduced in January 2025, as a game-changer for mass adoption, further boosting its edge over Ethereum ETH. The integration of World Liberty Financial’s USD1 stablecoin on Tron, announced at TOKEN2049 in Dubai, also underscores its growing ecosystem.

Ethereum Remains the Largest Stablecoin Hosting Network

Despite losing its top spot, Ethereum remains a powerhouse for stablecoin activity, with $908 billion in on-chain volume in April 2025, driven by its diverse stablecoin mix, including USDC and USDT.

Ethereum’s strength lies in its robust DeFi ecosystem, hosting complex financial applications that Tron has yet to match. However, high gas fees and scalability issues have driven liquidity to Tron, particularly for high-volume USDT transfers.

Tron’s near-zero fees and Gas Free feature, which eliminates the need for TRX holdings, have solidified its lead. Nonetheless, Ethereum’s diverse stablecoin offerings and institutional adoption keep it competitive, with USDC alone recording $500 billion in transactions in 2025. 

The stablecoin war highlights a multi-chain future, with Tron leading for efficiency and Ethereum for sophistication.

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