Tether (USDT), the leading stablecoin issuer, has overtaken Tron (TRX) in revenue, generating $432 million as of May 2025. This milestone highlights a significant shift in stablecoin market dynamics, with Tether expanding its market presence through improved operational integration and increased supply.
Tron, despite supporting over 8.3 million daily transactions and $20 billion in daily USDT transfers, has seen reduced revenue activity compared to Tether. The shift underscores changing liquidity preferences and potential strategic realignments across blockchain networks.
Tether also announced plans to launch a new blockchain project named Stable, developed in partnership with Bitfinex. Targeting business users rather than retail, Stable will utilize USDT as its gas token, aiming to integrate stablecoins more deeply into payment and business operations.
Besides surpassing Tron in revenue, Tether achieved a major milestone by exceeding $1 trillion in monthly on-chain USDT transfers for the first time. The company is also strategically increasing Bitcoin holdings, moving large BTC amounts to Binance, aligning with market trends to maintain dominance.
Market confidence in Tether's stability and expansive integrations with major tech and financial institutions are reinforcing its leadership in the stablecoin sector, likely prompting competitors and blockchain networks to adapt strategies accordingly.