TRON recorded a $4.8 billion increase in stablecoin market capitalization over the past 90 days, extending the network’s position as one of the largest settlement environments for dollar-denominated tokens. Token Terminal data cited by TRON DAO shows that TRON’s increase exceeded the combined growth of the other nine networks in the data provider’s top 10. HyperEVM, Robinhood Chain and Arc followed with increases of $689.1 million, $688.7 million and $643.5 million, respectively.
TRON DAO highlighted the figure in its official announcement, describing the network as an important rail for global stablecoin activity. The $4.8 billion figure represents an increase in stablecoins circulating on TRON, rather than a direct measurement of net capital entering the wider crypto market. Stablecoins can move between blockchains or be issued and redeemed, so chain-level supply growth should not automatically be interpreted as equivalent new dollar inflows.
Stablecoin supply on TRON increased by $4.8B in 90 days, reinforcing the network’s growing role in global stablecoin activity. 🌎 https://t.co/EjfBFEolhH
— TRON DAO (@trondao) September 21, 2026
USDT Remains the Main Driver
Tether continues to dominate TRON’s stablecoin base. DefiLlama data on September 23 places TRON’s stablecoin market capitalization at roughly $94.3 billion, with USDT accounting for approximately 98% of that amount. Around $92.4 billion of USDT is currently circulating on TRON, compared with about $73.7 billion on Ethereum. The difference concerns USDT specifically; Ethereum still has a substantially larger overall stablecoin market because it also hosts more than $46 billion in USDC and numerous other assets.
The latest expansion builds on a longer trend. TRON finished the second quarter with approximately $89 billion in stablecoin supply and $2.08 trillion in quarterly stablecoin settlement volume, according to TRON DAO’s Q2 report. USDT supply has continued expanding since quarter-end, taking TRON well beyond the levels recorded in June. That progression follows the record USDT supply and usage metrics previously recorded on TRON and continued development of payment infrastructure around the asset.
Stablecoin activity on TRON is increasingly supported by payment-specific infrastructure rather than DeFi alone. One example is GasFree, which has processed billions of dollars in weekly USDT transfers while allowing supported fees to be paid without maintaining a separate TRX balance. These payment rails help explain TRON’s role as a transfer network, but transfer volume, stablecoin supply and unique user demand remain separate metrics.
Supply Growth Does Not Equal DeFi Liquidity
TRON’s broader on-chain activity remains substantial, although it should be separated from the stablecoin-supply story. DefiLlama currently reports approximately $5.7 billion in DeFi TVL, around $60.8 million in 24-hour DEX volume and roughly 3.6 million active addresses over the latest 24-hour window. None of those metrics establishes that the $4.8 billion increase in stablecoin supply was caused by DeFi activity. They instead provide separate snapshots of network usage at the time of measurement.
TRON is also working to diversify its stablecoin ecosystem beyond Tether. The network recently introduced a Peg Stability Module for USDD, while USDT remains overwhelmingly dominant. That concentration means movements in Tether issuance or cross-chain distribution can have an outsized effect on TRON’s aggregate stablecoin figures, making issuer-level data important when interpreting network growth.
At the broader market level, stablecoin activity cannot be assessed solely by balances held on individual chains. June data, for example, placed TRON behind Ethereum and Base in adjusted stablecoin transaction volume despite its large USDT supply, illustrating how stablecoin transaction volume can produce a different network ranking from supply statistics. Supply measures how much stablecoin value resides on a network, while volume measures how repeatedly that value moves.
The next useful milestone will be whether TRON sustains its 90-day supply advantage as the comparison window rolls forward. Stablecoin balances, transfer activity, holder counts and repeat usage will provide stronger evidence of durable demand than the $4.8 billion increase alone. For now, the verified development is that TRON added more stablecoin market capitalization over the measured 90-day period than the other nine top-ranked chains combined, with USDT accounting for the overwhelming majority of its stablecoin base.