The balance of Tether’s stablecoin, the largest in the world by market share, has surged to near all-time highs on the Tron network.
Data shows the supply of Tether (USDT) on the Tron (TRX) network has spiked following two notable $1 billion mints over the past week. This has pushed the stablecoin’s circulating supply on Tron toward its highest recorded level.
CryptoQuant analyst JA Maartun highlighted the trend on Feb. 7, noting on X that the rise in USDT on Tron suggests increasing demand. This could be due to stablecoin-driven market activity or a broader need for liquidity.
“Over the past week, two $1.0 billion mints were recorded, bringing the total supply close to its highest level ever. The current USDT Supply on Tron sits at $61.7B,” the analyst noted.
Significantly large mints often indicate one of two things: either the market is experiencing heightened trading activity, or institutional participants are making notable moves.
Tether has minted $1 billion or more in USDT on Tron multiple times, often aligning with spikes in Bitcoin and altcoin prices. On Jan. 6, 2025, the USDT issuer announced a $1 billion chain swap from other blockchain networks to Tron.
While the chain swap did not impact USDT’s overall supply, it underscored the growing demand for the stablecoin on the TRX-powered network. In several instances, Tron’s price has increased alongside fresh USDT mints and transactions on the blockchain.
Beyond Ethereum and Tron, native USDT is also available on Solana and TON.
Notably, Tron has surpassed Ethereum to become the second-largest network by fees. Per Token Terminal, Tether remains the top fee earner.
Year-to-date, the USDT issuer has collected over $470 million in fees, ahead of Tron’s $330 million and Jito’s $324 million. Solana, with $278 million, and Circle, with $186 million, rank ahead of Ethereum, which has generated $172 million in fees so far this year.
