TRON holds $90B+ USDT; $887M in crypto-card volume Q2

Two independent reports published in late July found TRON held more than $90 billion in USDT and recorded $887 million in crypto-card transaction volume in the second quarter of 2026.

The reports found daily active users on TRON averaged about 3.5 million in Q2, up from 3.2 million in Q1. They reported that roughly 93% of stablecoin transfer volume on the network was peer-to-peer as of June 30.

TRON’s share of total stablecoin market capitalization rose to 28.7% from 27.3% in March. USDT on the network reached an all-time high in Q2 of just over $89 billion and now exceeds $90 billion, representing about 47% of all USDT in circulation. The network’s share of sub-$1,000 USDT transfers among native-issuance chains increased from 43% to 52% during the quarter.

Total crypto-card volumes increased from $2.0 billion in Q1 to $2.4 billion in Q2. TRON’s share of that card volume rose to 34%, equal to roughly $887 million in the quarter. The reports listed expanded market access in the United States and several tokenized private credit initiatives, along with interoperability with more than 150 other blockchains.

One report highlighted GasFree, an initiative that lets users transfer USDT without holding TRX for gas fees. Weekly GasFree transfer volume rose to $2.9 billion by the final week of June, up from a 2025 peak of $1.9 billion and reaching a record $3.0 billion in early May. The reports gave a cost example: an average fee of $1.50 on a $16,300 transfer, an effective rate of about 0.009%.

The analyses also described growing cross-chain liquidity and enterprise payments. A cross-chain liquidity service that routes TRON-based USDT across more than 30 networks reported weekly volume rising from about $1 million to roughly $48 million by mid-June, with average transfer sizes near $24,000.

Both reports documented early use cases for machine-to-machine and agentic AI payments on TRON, noting integrations with AI platforms, a model context protocol server, membership in an agentic AI foundation, and activity from firms using TRON rails and USDT liquidity to settle payments between AI agents. One report said deposit activity from an AI platform accelerated beginning in April 2026.

Network-level metrics cited show more than 394 million user accounts, over 14 billion transactions and roughly $26 billion in total value locked as of July 2026. The reports describe TRON being used for stablecoin settlement, crypto-card and merchant payments, cross-chain liquidity routing and machine-to-machine transactions.