TRON's stablecoin activity reached record levels in the second quarter of 2026, with circulating USDT supply on-chain rising to $87.9 billion and total USDT transfers reaching $2.1 trillion, according to data from research firm Messari. The figures reinforce TRON's position as one of the leading blockchain networks for dollar-pegged settlement, alongside Ethereum, as stablecoins continue to gain traction for cross-border payments and remittances.

USDT accounted for 98.5% of TRON's stablecoin market, which grew 4.1% from the previous quarter to a record $89.2 billion. Average daily USDT transfer volume increased 4.3% to $22.8 billion during the quarter, reversing a decline recorded in the first quarter.

The growth in stablecoin activity coincided with broader increases in network usage. TRON averaged 11.8 million daily transactions during the quarter, an 8.7% increase, while average daily active addresses rose 11.7% to 3.6 million. The network processed a record 14.6 million transactions on June 15, 2026, according to Messari.

Higher network activity also helped fees recover after two consecutive quarters of decline. TRON's network fees rose 15.9% to $699.4 million, marking the first quarterly increase since an August 2025 governance change reduced the network's energy unit price.

Activity outside stablecoins was weaker. Total value locked in decentralized finance fell 1.9% to $4.4 billion, while average daily decentralized exchange volume declined 21.7% to $49.3 million, its fourth consecutive quarterly decline, pointing to a continued divergence between TRON's stablecoin settlement strength and demand for its native DeFi applications.

TRON's native TRX token supply remained inflationary, with circulating supply increasing by 87 million tokens during the quarter as issuance continued to exceed the number of tokens burned.

The quarter also brought greater institutional access to the network. Securitize launched Hamilton Lane's tokenized Senior Credit Opportunities Fund on TRON, marking the first TRON-issued asset for the platform. The fund launched with approximately $4.3 million under management. The launch aligns with a broader industry push into real-world asset tokenization, with major asset managers increasingly exploring issuance across multiple blockchains.

Asset manager Grayscale added TRX to its list of assets under consideration, while a proposed staked TRX exchange-traded product from Canary Capital remained in registration.

Market access for TRX also expanded during the quarter. Bitnomial launched spot TRX trading in the United States, OKX Europe introduced MiFID-regulated TRX expiry perpetuals, and Binance.US restored trading in the token.

After the quarter ended, Anchorage Digital added native TRX staking and custody for TRC-20 assets in July 2026, allowing institutional clients to stake TRX directly through its custody platform.

The figures underscore the growing role of TRON as a major settlement network for dollar-pegged stablecoins, even as activity in other parts of its blockchain ecosystem remains under pressure. Whether forthcoming institutional products, including a potential staked TRX ETF, receive regulatory approval will be a key factor shaping TRON's market access in the coming quarters.