Tron, the layer-1 blockchain founded by Justin Sun, closed the second quarter with $87.9 billion in circulating USDT, more of the token than Ethereum holds, while processing $2.1 trillion in USDT transfers across the three-month period, according to a Messari report.
Record Stablecoin Figures
USDT commanded 98.5% of Tron’s stablecoin market, which expanded 4.1% quarter-over-quarter to a record $89.2 billion. Average daily USDT transfer volume rebounded 4.3% to $22.8 billion after contracting in the first quarter.
Network usage also reached new highs. Tron averaged 11.8 million daily transactions during Q2, a rise of 8.7%, while average daily active addresses climbed 11.7% to 3.6 million. The network set a single-day record of 14.6 million transactions on June 15, the report noted.
Fees Recover, DeFi Lags
Elevated activity helped snap a two-quarter slide in network fees. Fees rose 15.9% to $699.4 million, marking the first quarterly increase since an August 2025 governance change lowered the network’s energy unit price.
Growth was uneven across the ecosystem. DeFi total value locked slipped 1.9% to $4.4 billion, and average daily decentralised exchange volume fell 21.7% to $49.3 million, logging a fourth straight quarterly decline. TRX supply remained inflationary despite the uptick in activity, with circulating supply growing by 87 million tokens as issuance continued to outpace burns.
Institutional Access Widens
Several institutional milestones took shape during the quarter. Securitize launched Hamilton Lane’s tokenized Senior Credit Opportunities Fund on Tron, the fund’s first Tron-issued asset, with approximately $4.3 million under management at launch.
Grayscale added TRX to its list of assets under consideration for a potential investment product, while Canary Capital’s proposed staked TRX exchange-traded product remained in registration. Bitnomial launched spot TRX trading in the United States, OKX Europe introduced MiFID-regulated TRX expiry perpetuals, and Binance.US restored TRX trading on its platform.
After the quarter closed, Anchorage Digital added native TRX staking and custody for TRC-20 assets in July, enabling institutional clients to stake TRX directly from the custody platform.
