TL;DR:
- Tether minted $1 billion in USDT on the Tron network, bringing the circulating supply on that blockchain to $85.3 billion.
- The total USDT supply exceeds $184.9 billion distributed across multiple networks. Ethereum and Tron account for more than 95%.
- The monthly transfer volume of USDC on Ethereum reached a record $1.7 trillion in February 2026, up 250% year-over-year.
Tether minted an additional $1 billion in USDT on the Tron network, according to on-chain data recorded by LookOnChain. With this issuance, the circulating supply of the stablecoin on that blockchain rose to $85.3 billion, trailing Ethereum by roughly $8 billion.
According to the official website of Tether, the total USDT supply as of March 11 stood at approximately $184.9 billion distributed across multiple blockchains. Ethereum and Tron together represent more than 95% of the stablecoin’s total circulation. The remainder is spread across networks such as Solana, Avalanche, Ton, and Aptos, with significantly smaller balances.
Tether: Tron and the Dominance of Liquidity
According to DefiLlama, USDT holds more than 58.4% of the global stablecoin market, and over 46% of that supply is issued on Tron. The network currently hosts more than 369 million user accounts, processes up to 9 million daily transactions, and facilitates an average of $27.5 billion in USDT transfers per day, with a total value locked of $23.44 billion.
Its competitive advantage lies in its significantly lower fees and faster settlement speeds compared to other blockchains, factors that made it the preferred infrastructure for executing large-scale stablecoin transfers.
Large-scale mintings of this kind are not unusual. In late January, Tether and Circle jointly issued $1.5 billion in stablecoins on Tron and Solana following a market correction that triggered widespread liquidations. In that context, stablecoins functioned as liquidity reserves for traders and institutions.
USDC Breaks Records on Ethereum
Meanwhile, the monthly transfer volume of USDC on Ethereum reached $1.7 trillion in February 2026, according to Token Terminal, representing a 250% increase year-over-year and positioning the network as the primary financial settlement layer for stablecoin transactions.
USDT activity on Tron accelerated following the passage of the GENIUS Act in the United States in July 2025, the first federal law on payment stablecoins, which requires licenses, capital requirements, and disclosure standards for issuers. To operate in the U.S. market, Tether launched USAT, a regulated stablecoin issued through Anchorage Digital Bank.
