#创作者激励计划   Tether mints $1 billion worth of tokens on the Tron network: Competition with Ethereum heats up.

The Tron network is close to retaking Ethereum’s lead in Tether circulation after a new major minting by the US stablecoin issuer.

On May 5, according to Arkham Intelligence data, Tether minted another $1 billion worth of Tether

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on the Tron network. According to the Tether Transparency report, the total amount of USDT on Tron reached $71.4 billion.

In comparison, the amount of USDT currently circulating on the Ethereum network is $72.8 billion. This leaves Tron with only $1.4 billion to become the leading network for the world’s largest stablecoin issuer. Tron had previously held this lead over the past two years.

Tron was ahead of Ethereum in USDT circulation between July 2022 and November 2024. However, a massive $18 billion print run on Ethereum has put the network back in the lead.

The third largest network for USDT is Solana, with $1.9 billion in circulation. Smaller amounts are found on networks like Ton, Avalanche, Aptos, Near, Celo, and Cosmos.

Tether’s total circulation is currently at a record high of 149.4 billion USDT, an 8.6 percent increase since the beginning of the year. This gives the firm a dominant stablecoin market share of 61 percent.

Its closest competitor, Circle, has a 25 percent market share with around $62 billion in USDC

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in circulation.

Stablecoin issuance has been rapidly increasing over the past six months, and stablecoins now account for 8 percent of the total crypto market cap.

The United States Treasury Department predicted in a report in late April that the stablecoin market could reach $2 trillion by 2028 if regulatory clarity is provided.

Stablecoin bill nears next vote

It is widely believed that two key pieces of legislation need to be passed to legally strengthen the position of stablecoins in the US.

The National Innovation Guidance and Facility for US Stablecoins Act (GENIUS Act) provides clear definitions for “payment stablecoins” and reserve rules for stablecoin issuers.

According to reports, lawmakers in the US Senate will bring the GENIUS stablecoin bill to a vote before May 26.

Meanwhile, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act), which would regulate the approval and auditing of “federally authorized non-bank payment stablecoin issuers,” is also being debated in Congress.

Tether also plans to launch a US-based stablecoin later this year. The timing will depend on the approval of the legislation.