Trons USDT Smashes Ethereum-Based Version for First Time Ever

Ethereum

Trons USDT Smashes Ethereum-Based Version for First Time Ever

• Tron (TRX) outshines Ethereum (ETH) in USDT supply, analyst says
• Solana, TON, Aptos still lagging behind USDT majors

For the first time in stablecoin history, there is more U.S. Dollar Tether (USDT) available on Tron (TRX) than on Ethereum (ETH). Amid this historical flippening triggered by crypto markets upsurge, other USDT chains are still responsible for a tiny part of its supply.

Tron (TRX) outshines Ethereum (ETH) in USDT supply, analyst says

After reaching $73.8 billion market capitalization, TRC-20 USDT became the dominant version of the largest stablecoin. Ethereum (ETH), a long-term leader, is now dethroned and is sitting at $71.9 billion, as CryptoQuants community analyst JA Maartunn points out on X.

TRON $73.8B USDT Supply Overtakes Ethereums USDT Supply

“For the first time ever, the total supply of USDT on TRON (TRC-20) surged past that on Ethereum (ERC-20), reaching $73.8B versus $71.9B.”

— CryptoQuant.com (@cryptoquant_com) May 12, 2025

In his analysis, the expert stressed that such a “flippening” has happened for the first time in the history of USDT and both of its dominant blockchains.

Trons founder Justin Sun celebrates the accomplishment on X:

The experts information is confirmed by Tether Transparency portal. As displayed there, Tron is responsible for $73,169,319,028 in circulation, while Ethereum is a home for $71,696,312,783 in USDT.

At the same time, Ethereum (ETH) remains the biggest blockchain when it comes to “Total Authorized” metric. Ethereum (ETH) has $74,547,745,201 in USDT authorized, while Trons number is about $600 million lower.

Solana, TON, Aptos still lagging behind USDT majors

TRX, a key cryptocurrency of Tron blockchain and its gas payment token, is up by 5.3% in no time. The TRX price reaches local high at $0.2753.

At the same time, despite the stablecoin segment hitting new highs in terms of market cap, minor versions of USDT still lack adoption.

Solana, TON, Aptos, Avalanche, Tezos and other USDT versions combined are still responsible for less than 10% of its supply.