Tron USDT supply hits record $87.9B as Q2 network activity surges

Tron ended Q2 with $87.9 billion in circulating USDT, overtaking Ethereum, while processing $2.1 trillion in USDT transfers during the period, according to a Messari report. USDT made up 98.5% of Tron's total stablecoin supply of $89.2 billion, which grew 4.1% quarter-over-quarter. Daily USDT transfer volume rebounded 4.3% to $22.8 billion after declining in the prior quarter.

The growth reflected wider network momentum. Tron averaged 11.8 million daily transactions in Q2, up 8.7%, with daily active addresses rising 11.7% to 3.6 million. The network processed 14.6 million transactions on a single day in mid-June. Network fees increased 15.9% to $699.4 million, marking the first quarterly rise since an August 2025 governance change reduced the energy unit price.

Expansion was uneven elsewhere on the network. Decentralized finance total value locked slipped 1.9% to $4.4 billion, while decentralized exchange volume fell 21.7% to $49.3 million in average daily terms, continuing a four-quarter decline. Tron's native token TRX supply remained inflationary, with circulating supply increasing by 87 million tokens as new issuance outpaced token burns.

Institutional adoption broadened during the quarter. Securitize launched Hamilton Lane's tokenized Senior Credit Opportunities Fund on Tron—the first such asset issued on the network—with approximately $4.3 million under management. Grayscale added TRX to its list of assets under consideration, while Canary Capital pursued a staked TRX exchange-traded product. Market access also widened, with Bitnomial launching spot TRX trading in the United States, OKX Europe introducing MiFID-regulated TRX perpetuals, and Binance.US restoring TRX trading.