TRON USDT Supply Surges Past Ethereum as Q2 Transfers Hit Record $2.1 Trillion

Woofun AI reports that TRON, the layer-1 blockchain founded by Justin Sun, concluded the second quarter with $87.9 billion in circulating USDT, overtaking Ethereum while processing $2.1 trillion in transfers.

USDT dominated TRON's stablecoin market at 98.5%, driving total stablecoin value to a record $89.2 billion, a 4.1% quarter-over-quarter increase. Average daily USDT transfer volume rebounded 4.3% to $22.8 billion after a first-quarter slump.

Woofun AI data shows this surge in volume coincided with broader network expansion.

Network activity peaked with 11.8 million average daily transactions, up 8.7%, and 3.6 million active addresses, up 11.7%. A record 14.6 million transactions occurred on June 15. Consequently, network fees climbed 15.9% to $699.4 million, marking the first quarterly rise since the August 2025 governance change reduced energy unit prices.

Conversely, DeFi TVL contracted 1.9% to $4.4 billion, and average daily DEX volume dropped 21.7% to $49.3 million, extending a four-quarter decline. TRX supply remained inflationary, increasing by 87 million tokens as issuance outpaced burns despite higher network usage.

Institutional access widened as Securitize launched Hamilton Lane's tokenized Senior Credit Opportunities Fund, its first TRON-issued asset, with $4.3 million under management. Grayscale added TRX to its consideration list, while Canary Capital's staked TRX product remained in registration. Trading access expanded via Bitnomial's US spot launch, OKX Europe's MiFID-regulated perpetuals, and Binance.US's restoration of TRX trading. This trend continued in July when Anchorage Digital added native TRX staking and custody for TRC-20 assets.