Tether (USDT) Stablecoin Balance on Tron (TRX) Network Surges to Near All-Time Highs

The balance of Tether's stablecoin, the largest in the world by market share, has surged to near all-time highs on the Tron network.

CryptoQuant analyst JA Maartun has observed a surging balance of Tether’s (USDT) stablecoin on the Tron (TRX) network, as indicated by two $1 billion mints. This has pushed the stablecoin’s circulating supply on Tron to near its highest level ever.

According to Maartun's analysis on Feb. 7, the rising USDT balance on Tron could be a sign of increasing demand for the stablecoin, which might be driven by market activity or a broader institutional participation.

"Over the past week, two $1.0B mints were recorded, bringing the total supply close to its highest level ever. The current USDT Supply on Tron is at $61.7B," the analyst noted.

When large mints of $1 billion or more occur, it usually indicates one of two scenarios: either the market is experiencing heightened trading activity, or institutional participants are making significant moves.

Tether has previously minted $1 billion or more in USDT on Tron several times, and these mints have often coincided with spikes in Bitcoin and altcoin prices.

For instance, on Jan. 6, 2025, the stablecoin issuer announced a $1 billion chain swap of USDT from other blockchain networks to Tron.

While the chain swap did not directly impact USDT's overall circulating supply, it highlighted the growing demand for the stablecoin on the TRX-powered network.

In several instances, Tron's price has also shown positive correlation with fresh USDT mints and transactions on the blockchain.

Apart from Ethereum and Tron, native USDT is also available on Solana and TON.

It's worth noting that Tron has now surpassed Ethereum to become the second-largest network by fees. According to Token Terminal, Tether is the top fee earner.

Year-to-date, the stablecoin issuer has collected over $470 million in fees, ahead of Tron's $330 million and Jito's $324 million. Solana, with $278 million, and Circle, with $186 million, rank above Ethereum, which has generated $172 million in fees so far this year.