TRON Surpasses Ethereum as Largest Host of Circulating USDT

TRON's stablecoin market cap reached a record $89.2 billion in Q2 2026, following a significant increase in USDT transfers on the platform. According to data, TRON processed $2.1 trillion in USDT transfers during this quarter.

This marks a major milestone for TRON, surpassing Ethereum as the largest blockchain host for circulating USDT, with a supply of $87.9 billion at the end of Q2 2026.

Network fees also rose by 15.9% to $699.4 million, reflecting increased activity following a previous fee cut. This growth in activity is accompanied by expanding institutional interest and regulatory developments, including US access to TRX through Binance.US, Bitnomial's regulated futures launch, and Canary Capital's staked TRX ETF filing.