- Tron surpasses Ethereum in USDT supply with $73.8B, marking a major shift in stablecoin dominance and on-chain liquidity flow.
- Stablecoins are gaining mainstream traction as Deutsche Bank highlights their role in payments, remittances, and dollar-backed assets.
- Despite stalled legislation, regulation in 2025 could cement stablecoins as core financial tools across corporate and institutional finance.
Stablecoins are gaining serious momentum. According to Lookonchain, In the last seven days, USDT and USDC on Tron spiked by $1.74 billion. Meanwhile, Solana saw a sharp $1.38 billion decline. Most notably, Tron-based USDT supply surged past Ethereum’s for the first time. Tron now holds $73.8 billion worth of USDT, compared to Ethereum’s $71.9 billion.
This shift highlights Tron’s growing dominance in stablecoin liquidity and transaction efficiency. The total USDT market cap across chains reached $149.4 billion in May 2025. Besides, Tron’s TRC-20 growth has remained consistent, unlike Ethereum’s more volatile pattern.
Tron Gains Ground as Stablecoins Enter Mainstream Finance
Tron’s stair-step expansion indicates periodic capital inflows, pointing to its efficiency for large-scale USDT issuances. Ethereum’s vertical spikes in Q4 2024 suggest institutional inflows but also higher volatility. Additionally, Solana’s decline shows that liquidity is shifting rapidly between chains. These changes underscore a broader transformation in the stablecoin ecosystem. Significantly, more capital now flows into chains with lower transaction costs and faster finality.
Source: CryptoQuant
Moreover, Deutsche Bank analysts confirm this trend in a new report. They described stablecoins as “strategic assets” fueling crypto liquidity worldwide. The report states that 83% of stablecoins remain pegged to the U.S. dollar. Hence, they reinforce dollar dominance even in decentralized finance ecosystems. The report also highlighted stablecoins’ growing presence in payments, remittances, and short-term debt markets.
Regulation Could Push Stablecoins Deeper Into the Financial Core
Deutsche Bank further noted that stablecoins processed $28 trillion in transaction volume in 2024. This figure surpasses Visa and Mastercard combined. Consequently, their utility extends beyond crypto trading. More corporations now use stablecoins for cross-border payments and treasury operations. Citi recently projected that regulation could soon legitimize stablecoins as mainstream financial tools.
Additionally, the U.S. Senate’s recent rejection of the GENIUS Act hasn’t stopped the regulatory push. Experts still expect landmark legislation later in 2025. The Deutsche Bank report emphasized that proper regulation could enable deeper financial integration. Besides, it would drive broader use cases and secure legal clarity for institutional players.
