Tron expanded its lead in stablecoin activity during the second quarter, becoming the largest blockchain for USDT supply and posting another period of record network usage, according to Messari’s latest State of Tron report.
The report said Tron’s stablecoin market capitalization rose 4.1% from the first quarter to a record $89.2 billion. Nearly all of that total came from Tether, with USDT accounting for about 99% of the stablecoins circulating on the network.
Tron moves ahead of Ethereum in USDT supply
Messari said Tron held $87.9 billion in USDT in Q2, ahead of Ethereum’s $78.7 billion, making it the biggest host chain for Tether’s flagship stablecoin during the quarter. The report added that Tron’s USDT total kept increasing after quarter-end and was approaching $91 billion.
The shift underscores Tron’s growing role as a settlement layer for dollar-pegged transfers. In the source report, stablecoin activity remained the central driver of the network’s position, rather than a broad mix of token issuance across multiple assets.
Low-value payments remain a core strength
One of the clearest signs of that specialization was Tron’s dominance in smaller USDT movements. Among native-issuance chains, Messari said Tron handled 52% of transfers below $1,000, a category it described as low-value activity.
The report linked that performance to Tron’s focus on payments and transfers. It also pointed to a newer gasless feature designed to allow transactions without users paying fees in TRX, a change presented as making the network more practical for everyday stablecoin use.
Usage rose for a third straight quarter
Network activity also reached fresh highs in Q2. Average daily transactions climbed to 11.8 million, while average daily active addresses reached 3.6 million, marking the third consecutive quarter of record activity for the chain.
Finance researcher Alex Obchakevich said the figures suggest sustained demand tied to real usage rather than speculative bursts. In his view, the pattern reflects a business model centered on stablecoin transfers and payments that is monetized without subsidies and is less tied to broader market cycles.
Card settlement data adds to the payments narrative
Obchakevich also said Tron was leading in crypto card settlements. According to the figures cited in the article, Tron’s share of crypto card volumes rose to $887 million, giving it 34% of that market, the highest share among blockchains tracked.
The lead was described as continuing into the third quarter. Tron was said to hold a 21% chain market share for top-up volumes in Q3 so far, accounting for $108.5 million out of the $509.6 million total tracked.
What the latest report confirms
Taken together, the Messari data paints Tron as a network increasingly defined by stablecoin transfers, especially lower-value payments. The article also said the chain benefits from an early foothold in emerging economies, including markets in Africa and Latin America, where it has been heavily favored.
The next confirmed reference point will be whether that advantage holds through the rest of Q3. For now, the available data shows Tron ahead of Ethereum in USDT supply, still adding to that total, and continuing to post high transaction and address counts as stablecoin usage remains its main growth engine.
Source: news.bitcoin.com