Global stablecoin supply is shrinking, but TRON is heading in the opposite direction. Token Terminal’s third-quarter 2026 report, dated November 2, 2026, shows that the average stablecoin supply on the TRON network reached $92.25 billion, up 4.18% quarter-over-quarter and 14.58% year-over-year. Over the same period, total native stablecoin supply across the 12 monitored blockchains fell 2.41% to $298.23 billion, lifting TRON’s market share by 1.96 percentage points to 30.93%.
At the close of September 2026, the total circulating native stablecoin supply on TRON touched $93.88 billion, marking three consecutive quarters of average supply growth.
Diverging Paths for the Two USDT Giants
The sharpest contrast emerged in USDT holdings. Ethereum’s average USDT balance dropped 7.59% over the third quarter, in stark contrast to TRON’s 4.11% growth. Combined, TRON and Ethereum now command 97.33% of the global native USDT supply.
TRON’s dominance is underpinned by its wide user distribution. The network averaged 76.53 million stablecoin-holding addresses in Q3, up 2.25% from the previous quarter and 11.27% year-over-year. This figure is nearly double the combined total of Ethereum (26.32 million) and Solana (12.11 million), representing 40.45% of all holder wallets across 45 blockchain networks. On the activity front, monthly active addresses averaged 17.81 million, up 8.71% from the second quarter despite cooling from a peak of 20.09 million in late June to 15.42 million by late September.
A Dollar Changes Hands Every Four Days
Liquidity on TRON circulates at a rapid clip. Third-quarter stablecoin transfer volume reached $2.18 trillion, up 4.17% quarter-over-quarter and 3.70% year-over-year. That turnover is equivalent to 23.67 times the average supply, meaning a single dollar changes hands every 3.89 days on average. Separate research from Nansen recorded a closely aligned settlement figure of $2.2126 trillion.
That transfer activity was accompanied by 1.08 billion network transactions at an average speed of 135.76 transactions per second (TPS), up 0.28% from the previous quarter and 31.19% higher year-over-year. However, network revenue fell 3.10% quarter-over-quarter and dropped 34.40% year-over-year to $693.21 million. This decline was triggered by Proposal 104, effective since August 29, 2025, which slashed Energy prices from 210 sun to 100 sun, driving the average transaction fee down to $0.64 - a 50.20% drop compared to the previous year.
Expansion into Regulated US Finance
TRON also marked regulatory expansion in the United States throughout the third quarter of 2026. Three key milestones were reached within the three-month span: Anchorage Digital integrated native TRX staking on July 14, exchange Bitnomial launched TRX futures contracts on July 27, and Canary Capital commenced trading of its Staked TRX ETF (TRXS) on September 9.
For retail users and transfer participants, the third-quarter shifts underscore a clear pattern: liquidity seeks low-cost routes to move, even as network fee cuts put pressure on validator revenue.
Via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
