Tron USDT supply overtakes Ethereum for the first time, market cap hits $73.8 billion

For the first time in cryptocurrency history, the Tron network's Tether (USDT) circulation has surpassed that of Ethereum.
On the 13th (local time), CryptoPotato cited CryptoQuant and announced that Tron’s TRC-20 network
The USDT supply in circulation on the Ethereum network has reached $73.8 billion, surpassing the $71.9 billion on the Ethereum network. This is due to the increasing popularity of Ethereum as a stabilizing cryptocurrency for high-value transactions, particularly in emerging markets.
This reflects Tron's growing popularity as a cryptocurrency for cryptocurrency transfers.
Maartun cited low transaction fees, fast block generation speed, and a stable network as the reasons for Tron’s sudden rise.
It is estimated that at least $1 billion worth of new USDT will be issued every month from mid-2023 onwards, with more than $14 billion in new circulation in the first half of 2025 alone.
Meanwhile, Ethereum is experiencing supply stagnation due to high gas fees and users abandoning the layer-2 network.
The structural characteristics of the TRON ecosystem are also noteworthy. CryptoQuant said in a recent report:
"Tron's block generation efficiency is 99.7%," said Super CEO
The stability of the Representative-SR system is shown in Fig. 2. In the 2025 standard, the stability of the Representative-SR system is shown in Fig. 2.
Of these, 24 are actively producing blocks, accounting for 3.71% of all blocks, in stark contrast to earlier, shaky operations.
Tron's dominance in stablecoin transfers also weakens competing projects.
According to DefiLlama, Tether currently accounts for 62.05% of the stablecoin market, with total circulation exceeding $150 billion.
Meanwhile, by 2025, Artemis data shows that the average weekly trading volume of stablecoins will reach $521.3 billion. This is the same as Visa’s
This figure dwarfs Amazon's $319 billion and PayPal's $32 billion.