Key facts
- TRON's USDT supply reached $87.9 billion in Q2, a new all-time high.
- The network processed $2.1 trillion in USDT transfers during the second quarter.
- Average daily transactions on TRON increased by 8.7% to 11.8 million.
- DeFi TVL on TRON decreased by 1.9% to $4.4 billion.
- Average daily DEX volume fell by 21.7% to $49.3 million.
- TRX supply remained inflationary, increasing by 87 million tokens.
TRON, the layer-1 blockchain founded by Justin Sun, achieved record highs in stablecoin supply and network activity during the second quarter, according to a Messari report. The network ended the quarter with $87.9 billion in circulating USDT, surpassing Ethereum, and processed $2.1 trillion in USDT transfers.
USDT constituted 98.5% of TRON's stablecoin market, which expanded by 4.1% quarter-over-quarter to a record $89.2 billion. Daily USDT transfer volume also saw a resurgence, increasing by 4.3% to $22.8 billion after a first-quarter decline.
This surge in activity was accompanied by record network usage, with TRON averaging 11.8 million daily transactions, an 8.7% increase, and 3.6 million daily active addresses, up 11.7%. A notable peak occurred on June 15, when the network processed 14.6 million transactions.
The increased activity reversed a two-quarter decline in network fees, which rose 15.9% to $699.4 million. This marks the first quarterly increase since a governance change in August 2025 reduced the network's energy unit price.
However, growth was not uniform across all sectors. Decentralized finance (DeFi) total value locked (TVL) decreased by 1.9% to $4.4 billion, and average daily decentralized exchange (DEX) volume fell by 21.7% to $49.3 million, marking the fourth consecutive quarterly decline.
The native TRX token's supply remained inflationary, with circulating supply increasing by 87 million tokens as issuance continued to outpace burns.
Institutional access to TRON expanded during the quarter. Securitize launched Hamilton Lane's tokenized Senior Credit Opportunities Fund on the network, its first TRON-issued asset, which began with approximately $4.3 million under management. Asset manager Grayscale also added TRX to its list of assets under consideration, and a proposed staked TRX exchange-traded product from Canary Capital is pending registration.
Broader market access for TRX also improved, with Bitnomial launching spot TRX trading in the United States, OKX Europe introducing MiFID-regulated TRX expiry perpetuals, and Binance.US restoring trading in the token. This trend continued post-quarter, as Anchorage Digital added native TRX staking and custody for TRC-20 assets in July, enabling institutional clients to stake TRX directly.