TRON Overtakes Ethereum in USDT Supply Amid Third Quarter Growth

The transition in dominance occurred in July, with TRON maintaining its lead through the end of the quarter. By September 30, the network held $92.35 billion in USDT compared to Ethereum’s $86.69 billion. While Ethereum saw its average USDT balance contract by 7.59% since the second quarter, TRON’s holdings climbed by 4.11%, cementing its position as the primary hub for the stablecoin.

Beyond supply figures, TRON’s user base continues to dwarf its competitors. The network averaged 76.53 million stablecoin holder addresses in the third quarter—a figure nearly double the combined count of Ethereum and Solana. This growth in addresses occurred despite a slight cooling in monthly active user activity toward the end of September, which dropped to 15.42 million from a June peak of 20.09 million.

Financial performance presented a mixed picture for the network. While transaction volume reached $2.18 trillion, total network revenue dipped to $693.21 million, a 3.10% decline from the previous quarter. This drop is largely attributed to lower average transaction fees, which fell by 3.87% to $0.64. The reduction follows a strategic adjustment to the network’s energy pricing implemented in late 2025. Despite the revenue dip, institutional interest in the ecosystem grew throughout the quarter, bolstered by the introduction of new TRX-related financial products, including a staked ETF and futures listings.