The Tron network has drawn closer to regaining the lead from Ethereum in Tether circulation after another big mint by the US stablecoin issuer.
On May 5, Tether minted another $1 billion Tether (USDT) on the Tron network, according to Arkham Intelligence. This brings the total USDT on Tron to $71.4 billion, according to the Tether Transparency report.
In comparison, there is currently $72.8 billion USDT circulating on the Ethereum network, so just $1.4 billion more USDT on Tron will see it become the leading network for the world’s largest stablecoin issuer, as it has been previously over the last two years.
Tron was ahead of Ethereum for USDT circulation between July 2022 and November 2024, but a large $18 billion mint on Ethereum pushed the network ahead again, according to CryptoQuant.
The third-largest network for USDT is Solana,