Tron ended H1 2025 leading Ethereum by 20.92% in USDT supply
By Reel Coverage Jul 28, 2025
The Tron blockchain dominated USDT stablecoin on-chain supply growth in the first half of 2025, leading Ethereum by 20.92%.
Despite being 15x smaller than Ethereum in native governance asset market capitalization, the Tron blockchain captures approximately 49.6% of the largest stablecoin, USDT, on-chain supply.
Tron blockchain reclaimed USDT supply dominance in the close of Q1, precisely March 31, when supply grew to $65.72bn, surpassing Ethereum by $5.71bn at $65.01bn during the same period, according to data from theblock.co.
Ethereum remains the dominant blockchain for stablecoins, controlling as much as 50% of total supply, however, the Tron blockchain's capture of more USDT supply highlights growing consumer preference for USDT on Tron for payments.
As seen in the chart above, the Tron blockchain closed H1 2025 leading Ethereum by 20.92% in USDT stablecoin on-chain supply with $80.26 billion (bn).
At the close of H1 2025, Ethereum had $63.47 billion (bn) in USDT supply. That said, this number has since grown to $67.52bn, highlighting an approximated growth of 6% as of July 27.
The Tron blockchain's USDT supply in the same period grew by only 1.1%, reaching $81.15bn on July 27. The slowed 27 day growth since the close of H1 2025, on June 30, brings the Tron blockchain's USDT stablecoin on-chain supply lead of Ethereum, down to approximately 16.8% or $13.62bn.
