TRON Holds $87.9B in Circulating USDT After Q2 $2.1T Transfers
Messari reports TRON ended Q2 2026 with $87.9 billion in circulating USDT, surpassing Ethereum, and processed $2.1 trillion in USDT transfers during the quarter.
According to Messari’s State of TRON Q2 2026 report, TRON finished the second quarter with $87.9 billion in circulating USDT, exceeding Ethereum. The network processed $2.1 trillion in USDT transfers during the quarter.
Messari reported USDT made up 98.5% of TRON’s stablecoin supply. TRON’s overall stablecoin market rose 4.1% quarter-over-quarter to $89.2 billion, while average daily USDT transfer volume increased 4.3% to $22.8 billion after a decline in the first quarter.
Network usage reached new highs in Q2 2026. TRON averaged 11.8 million daily transactions, up 8.7% from the prior quarter, and average daily active addresses rose 11.7% to about 3.6 million. The network recorded a single-day transaction high of 14.6 million on June 15.
Total network fees for the quarter climbed 15.9% to $699.4 million, the first quarterly increase since an August 2025 governance change reduced the network’s energy unit price. DeFi total value locked fell 1.9% to $4.4 billion. Average daily decentralized exchange volume dropped 21.7% to $49.3 million, marking a fourth straight quarterly decline in DEX activity.
Token issuance exceeded burns in the quarter, and TRX circulating supply rose by 87 million tokens.
Institutional access to TRON expanded during the quarter. Securitize launched Hamilton Lane’s tokenized Senior Credit Opportunities Fund on TRON with roughly $4.3 million under management at launch. Grayscale added TRX to its list of assets under consideration, and a proposed staked TRX exchange-traded product from Canary Capital remained in registration.
Market access for TRX widened as Bitnomial began offering spot TRX trading in the United States, OKX Europe introduced MiFID-regulated TRX expiry perpetuals, and Binance.US restored TRX trading during the quarter. After the quarter, Anchorage Digital added native TRX staking and custody for TRC-20 assets in July, allowing institutional clients to stake TRX from its custody platform.
Messari noted the network’s handling of USDT transfers was linked to TRON’s transaction volumes and fee dynamics in Q2 2026. TRON is a layer-1 blockchain founded by Justin Sun and hosts a large share of Tether’s USDT supply.
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