In a major shift within the stablecoin ecosystem, Ethereum has seen its tether (USDT) issuance once again overtaken by Tron. This occurred in May 2025. It should be noted that this tether is now USDT issued on the TRC20 basis. As of that month, tether issued on the TRC20 basis had reached a staggering $75.7 billion. This should also be the moment we should note tether issued on the ERC20 basis. As of May 2025, tether issued on the ERC20 basis had a circulation of $74.5 billion. So at this moment in time, tether on TRC20 is doing better than
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