CQ Research2025-05-19

TRON Continues to Dominate USDT Transfer Activity and Surpasses Ethereum by Total USDT Supply

TRON has become one of the most actively used networks globally for payments. USDT continues to overwhelmingly dominates activity on TRON, with over 283 million transfers so far in 2025, highlighting TRON’s central role as a stablecoin payment and settlement layer. Indeed, TRON has seen a sharp acceleration in USDT supply growth in 2025 (+27% or ~$16 billion), surpassing Ethereum. As of the latest data, USDT supply on TRON is larger than Ethereum’s, totaling $75.8 Billion. Moreover, TRON has firmly overtaken Ethereum as the dominant network for USDT value transfers, consistently settling more daily volume since mid-2022. In 2025, TRON's daily USDT transfer value has reached a new record high of $23.4 billion, reflecting its increasing role as the preferred blockchain for stablecoin transactions. Ethereum’s daily USDT transfer volume is down 37% from its November 2024 peak, currently averaging around $10.5 billion, suggesting a decline in relative usage. Additionally, TRON significantly leads in the number of USDT transactions, processing around 2.4 million transactions daily, compared to approximately 284,000 on Ethereum. The data reinforces TRON’s role as the leading transactional layer for stablecoins, driven by cost-efficiency and accessibility for retail users and payment applications.