The Tron network is making significant strides in Tether circulation, coming closer to overtaking Ethereum after a recent $1 billion Tether mint. According to Arkham Intelligence, Tether has now minted a total of $71.4 billion USDT on the Tron network. This brings it close to Ethereum, which currently has $72.8 billion USDT in circulation. Tron previously led in USDT circulation between July 2022 and November 2024 but fell behind after a large mint on Ethereum. The third-largest network for USDT is Solana with $1.9 billion circulating. Tether’s total circulation has reached a record high of $149.4 billion USDT, giving it a dominant market share of 61%, as reported by CoinGecko. Stablecoin issuance has surged, representing 8% of the total crypto market capitalization. The United States Treasury Department predicts the stablecoin market could reach $2 trillion by 2028. Legislation such as the GENIUS Act and STABLE Act in the US aims to provide regulatory clarity for stablecoins. Tether plans to launch a US-based stablecoin pending legislative approval. The upcoming vote on the GENIUS Act in the US Senate is expected before May 26. This development signifies a crucial moment for the stablecoin market’s future.