Tether, the leading stablecoin issuer, has announced the minting of $1 billion USDT on the Tron blockchain. This transaction took place approximately six hours ago and was confirmed through data from Tron”s blockchain explorer, Tronscan.
This recent minting contributes to a significant week for the stablecoin market, with Tether and Circle collectively minting $3.75 billion in stablecoins. As it stands, Tron now ranks second only to Ethereum in terms of USDT supply.
The total authorized USDT supply amounts to $81.485 billion, with $307 million authorized but not yet issued. This results in a net circulation of $81.179 billion within the Tron network. Comparatively, Tether”s overall net USDT circulation is at $100.882 billion, out of which $1.809 billion remains authorized but unissued. Following Tron, Solana holds the third spot with a net USDT circulation of $2.19 billion and an authorized supply of $2.74 billion.
The recent mint by Tether aligns with the expanding stablecoin ecosystem. Reports indicate that Circle minted $500 million USDC on November 20, along with an earlier mint of $750 million USDC on November 17. During the market crash on October 11, Tether and Circle had collectively minted $15 billion in stablecoins.
Tether”s dominance is underscored by its current market capitalization of $186.966 billion, complemented by a robust 24-hour trading volume of $70.971 billion, as per real-time data from Coingecko. In contrast, Circle”s USDC follows with a market cap of $74.850 billion and a trading volume of $11.684 billion.
Despite Tether”s significant market presence, analysts have observed that Circle”s USDC is projected to outpace USDT”s growth in 2024 and 2025. This trend is attributed to favorable regulatory developments in the U.S., which have positioned USDC as an attractive alternative for institutional investors. Following the passing of the GENIUS Act in July of last year, institutions have begun interacting with stablecoins within a regulated framework, amplifying USDC”s appeal.
Circle operates under U.S. regulations and is publicly traded on the New York Stock Exchange (NYSE), while Tether is registered in El Salvador and lacks comprehensive regulation. This difference in regulatory environments has led to distinct growth trajectories; in 2025, USDC”s market capitalization surged by 73% to $75.12 billion, whereas USDT”s grew by 36% to $186.6 billion. In 2024, Tether experienced a 50% increase in market capitalization, while USDC saw a notable 77% rise.
The increasing acceptance of digital assets in the U.S. is contrasted by caution expressed in other nations. For instance, T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, has highlighted the macroeconomic risks associated with stablecoins, urging for careful monitoring of these fiat-pegged digital assets.
