TRON Stablecoin Supply Closes in on $80 Billion – Crypto News – Crypto News
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TRON Stablecoin Supply Closes in on $80 Billion TRON Stablecoin Supply Closes in on $80 Billion

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TRON Stablecoin Supply Closes in on $80 Billion – Crypto News

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2 months ago

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The Layer 1 blockchain is Ethereum’s only real competitor in terms of stablecoin market capitalization.

With stablecoins demanding more attention than ever in 2025, TRON’s stablecoin supply continues to grow. The ninth-largest blockchain’s stablecoin supply crossed the $75 billion mark in May, and is closing in on $80 billion.

TRON is currently home to $77.7 billion worth of stablecoins. $76.9 billion, or over 98% of that, is Tether’s USDT. The chain’s second largest stablecoin, USDD, maintains just a $451.3 million market capitalization.

TRON is the second largest chain by stablecoin market capitalization, trailing Ethereum, which boasts $134.2 billion in stablecoin supply. However, TRON dwarfs Solana, which is the third largest chain by stablecoin market capitalization, with $11.2 billion.

Ethereum and TRON together host 84% of the total stablecoin supply, which continues to make new all-time highs on an almost weekly basis. The current stablecoin market capitalization is over $250 billion, up 95% from two years ago, and up 33% from the 2022 highs.

Total stablecoin market cap. Source: DeFiLlama

Partially due to the massive growth of the stablecoin space, activity on TRON is up dramatically from the beginning of 2024. According to data from Messari Portals*, daily transaction fees are up between 185-250% from the beginning of 2024, surging to $12 million per day in the past week, up from roughly $3.5 million.

Daily active addresses on Tron are also increasing, and are up as much as 200% in the same timeframe.

While USDT dominates the stablecoin market capitalization on TRON, USDD, with its significantly smaller supply, currently maintains a solid 27.57% of the mindshare* across the TRON ecosystem over the past week.

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Tron Mindshare by Assets. Source: Messari Portals
Tron Mindshare by Assets. Source: Messari Portals

While there is no clear catalyst for the interest in USDD — whose mindshare metric* was up almost 240% last week — it could be a display of the chain’s overall focus on stablecoins. Alternatively, it could be driven by the noise surrounding the Circle IPO that went live last week.

Notably, Circle discontinued its support of USDC on Tron last February, leaving USDD and TrueUSD as the ecosystem’s most viable alternatives to Tether’s USDT.

TrueUSD has been at the center of controversy on multiple occasions, facing fraud allegations from the U.S. Securities and Exchanges Commission (SEC), as well as a depegging event in 2024.

*Messari Portals are a free-to-use community resource that combines quantitative data with qualitative context, giving crypto communities transparent, convenient access to information that helps them make better decisions.

Visit https://messari.io/portals to learn more.

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