Tron ended the second quarter with $87.9 billion in circulating USDT, surpassing Ethereum, while processing $2.1 trillion in USDT transfers during the period, according to a report by blockchain research firm Messari. USDT accounted for 98.5% of Tron’s stablecoin market, which grew 4.1% from the previous quarter to a record $89.2 billion. Average daily USDT transfer volume also returned to growth, rising 4.3% to $22.8 billion.
TRON’s stablecoin footprint continued to expand in Q2.
Stablecoin market cap reached a record $89.2B, while the network processed $2.1T in USDT transfers during the quarter and ended Q2 as the largest host chain for circulating USDT.
Read the full State of TRON Q2 2026 report…
— TRON DAO (@trondao) August 10, 2026
The increase in stablecoin activity came alongside stronger overall network usage. Tron averaged 11.8 million daily transactions during the quarter, an 8.7% increase from the previous period. Average daily active addresses also rose 11.7% to 3.6 million. The network recorded its highest number of transactions in a single day on June 15, when it processed 14.6 million transactions.
Higher network activity also helped Tron reverse a two-quarter decline in fees. Network fees increased 15.9% to $699.4 million during the quarter. This was the first quarterly rise in fees since a governance change in August 2025 reduced the network’s energy unit price.
However, growth was not evenly spread across the Tron ecosystem. DeFi total value locked fell 1.9% to $4.4 billion. Average daily decentralised exchange, or DEX, volume also dropped 21.7% to $49.3 million. It was the fourth consecutive quarter in which DEX trading volume declined.
TRX supply also remained inflationary despite the rise in network activity. The circulating supply increased by 87 million TRX during the quarter because new issuance continued to exceed the number of tokens being burned.
Tron also saw greater interest from institutional and traditional financial players during the quarter. Securitize launched Hamilton Lane’s tokenised Senior Credit Opportunities Fund on Tron. It was the first asset from the investment platform to be issued on the network and started with about $4.3 million under management.
Asset manager Grayscale also added TRX, Tron’s native token, to its list of assets under consideration. At the same time, a proposed exchange-traded product offering staked TRX from Canary Capital remained in the registration process.
TRX also became more widely available through several trading platforms. Bitnomial launched spot TRX trading in the United States, while OKX Europe introduced MiFID-regulated TRX expiry perpetuals. Binance.US also restored trading in TRX.
The expansion continued after the quarter ended. In July, Anchorage Digital added native TRX staking and custody for TRC-20 assets. This allows institutional customers to stake TRX directly through its custody platform.
The latest figures show that stablecoins, particularly USDT, remain the main driver of activity on Tron. While some parts of the network, such as DeFi and DEX trading, faced weaker activity, strong USDT transfers and growing network usage helped push fees higher during the quarter.
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