Tron Stablecoin Supply Reaches Record $87.9 Billion

Tron, the layer-1 blockchain founded by Justin Sun, closed the second quarter with $87.9 billion in circulating USDT, overtaking Ethereum. The network also processed $2.1 trillion in USDT transfers during the quarter.

According to a Messari report, USDT represented 98.5% of Tron’s stablecoin market, which expanded 4.1% quarter-over-quarter to an all-time high of $89.2 billion. Average daily USDT transfer volume also returned to growth, increasing 4.3% to $22.8 billion following a decline in the first quarter.

Tron network activity reaches new highs

The growth in stablecoin activity came alongside record usage across the Tron network. Average daily transactions increased 8.7% to 11.8 million during the quarter, while average daily active addresses rose 11.7% to 3.6 million. On June 15, Tron processed a record 14.6 million transactions, according to the report. Higher network activity also reversed two consecutive quarters of declining fees. Network fees increased 15.9% to $699.4 million, marking their first quarterly rise since an August 2025 governance change reduced Tron’s energy unit price.

However, growth was less consistent across other areas of the ecosystem. Decentralized finance total value locked declined 1.9% to $4.4 billion, while average daily decentralized exchange volume dropped 21.7% to $49.3 million, its fourth consecutive quarterly decrease. TRX supply also remained inflationary despite stronger network activity. Circulating supply grew by 87 million tokens during the quarter as new issuance continued to exceed token burns.

Tron expands institutional access

Institutional exposure to Tron increased during the quarter. Securitize launched Hamilton Lane’s tokenized Senior Credit Opportunities Fund on the blockchain, marking its first asset issued on Tron. The fund debuted with approximately $4.3 million in assets under management. Grayscale also added TRX, Tron’s native token, to its list of assets under consideration, while Canary Capital’s proposed staked TRX exchange-traded product remained in the registration process.

Access to TRX also broadened across trading platforms. Bitnomial introduced spot TRX trading in the United States, OKX Europe launched MiFID-regulated TRX expiry perpetuals, and Binance.US restored trading in the token. The expansion continued after the quarter ended. In July, Anchorage Digital introduced native TRX staking and custody support for TRC-20 assets, enabling institutional clients to stake TRX directly through its custody platform.

Sources:

https://cointelegraph.com/news/tron-usdt-supply-hits-879b-as-transfers-reach-21t-in-q2-messari

https://messari.io/report/state-of-tron-q2-2026