TRON Accounts for Nearly Half of USDT in Circulation

According to a quarterly report by analytics firm Messari, the total stablecoin supply on the TRON network increased 4.1% quarter over quarter and reached a record $89.2 billion by the end of Q2 2026. USDT accounted for 98.5% of that total.

TRON’s share of total USDT circulation increased to 47.6%. By comparison, Ethereum hosted $78.7 billion in USDT, while BNB Chain held $9.2 billion.

In Q2 2026, the blockchain processed $2.1 trillion in USDT transfers. Average daily stablecoin transfer volume increased 4.3% to $22.8 billion. Messari analysts said these figures positioned TRON as one of the leading settlement networks for USDT.

The report also noted that TRON set several new network activity records during the quarter:

• 1.08 billion transactions during the quarter;
• 11.8 million transactions per day on average, up 8.7%;
• 3.6 million daily active addresses, up 11.7%;
• 14.6 million transactions in a single day, a new all-time high recorded on June 15.

Higher network activity also drove fee revenue higher. According to Messari, total fees increased 15.9% in U.S. dollar terms to $699.4 million, while the average transaction fee stood at $0.65.

At the same time, analysts noted that not all metrics moved higher. TRX circulating supply increased by 87 million tokens, while the share of tokens allocated to staking declined to 48.2% for the first time in six quarters. Average daily DEX trading volume across the ecosystem also fell 21.7%.

Among TRON’s key development priorities, the analysts highlighted:

• expanding infrastructure for agentic AI systems;
• scaling the $1 billion AI Fund;
• integrating the Dune analytics platform through MCP;
• preparing for the deployment of post-quantum cryptographic signatures.

In 2025, the monthly number of USDT transactions on the TRON network exceeded 65 million.