Over the past 90 days, the TRON network increased its stablecoin market capitalization by approximately $4.8 billion. By early September 2026, the supply of USDT on the platform reached an all-time high of roughly $94.27 billion.
As of the second quarter of 2026, TRON held $87.9 billion in circulating USDT, surpassing Ethereum, which recorded $78.7 billion. This gap of more than $9 billion continues to grow, driven by lower transaction costs on the TRC-20 standard.
TRON currently accounts for 28–29% of the global stablecoin market share. In the month leading up to mid-July 2026, the network processed $681 billion in stablecoin transactions, averaging $23 billion per day.
The primary drivers of this volume are peer-to-peer transfers, merchant settlements, and cross-border remittances rather than DeFi speculation. Year-to-date, the total stablecoin supply on TRON has surged by an estimated $12 billion.
The network faces concentration risks due to its heavy reliance on USDT. With Circle’s USDC maintaining a minimal footprint on the platform, any regulatory or strategic shifts regarding Tether could significantly impact the ecosystem.
