TRON adds $16.1 billion to native stablecoin market cap in a year

TRON’s native stablecoin market cap grew by $16.1 billion over the year.

TRON’s total stablecoin market cap reached approximately $94.2 billion on November 9, 2026. A year earlier, in September 2025, the figure sat at $76.6 billion.

By September 2026, it had climbed to $94 billion. That works out to a year-over-year gain of roughly $16 to $17 billion, depending on the exact window you measure.

Nearly all of it is one token. Tether’s USDT accounts for about $92.2 billion of TRON’s stablecoin supply, which translates to 97.88% dominance.

TRON does have a homegrown option. Its USDD stablecoin sits at roughly $1.17 billion, a distant second on the network.

A record quarter for USDT on TRON

The third quarter of 2026 was a particularly strong stretch. USDT supply on TRON peaked at an all-time high of over $92.7 billion during the period.

TRON processed $2.21 trillion in stablecoin settlements in Q3. The network settled approximately 73% of global stablecoin volume during the quarter, ahead of every other blockchain.

Its share of the total stablecoin market cap also ticked higher. TRON held 28.7% at the end of Q2 and reached 30.2% by the end of Q3.

Activity metrics moved in the same direction. Monthly active addresses on TRON reached 18 million in Q3 2026, and total transaction volume on the network exceeded $30 trillion.

How TRON overtook Ethereum on USDT

By the end of Q2 2026, USDT circulating supply on TRON stood at $87.9 billion. Ethereum’s comparable figure was $78.7 billion.

The reason most often cited for TRON’s pull is cost. Sending USDT on TRON is cheap, which matters most for retail-sized transfers where a few dollars in fees can eat a meaningful chunk of the payment.

What this means

The rising share of global stablecoin market cap, from 28.7% to 30.2% in a single quarter, suggests TRON may keep attracting liquidity from users hunting for cheaper transfers. More stablecoin supply tends to bring more activity, and the climb in active addresses to 18 million points the same way.

The flip side is concentration risk. With USDT making up 97.88% of TRON’s stablecoin supply, the network’s fortunes are tightly bound to a single issuer. Diversification here amounts to USDD at roughly $1.17 billion, which is a rounding error next to USDT’s $92.2 billion.

TRON settled roughly 73% of global stablecoin volume in Q3 2026, and it overtook Ethereum on USDT circulating supply by the end of Q2.

What to watch next: whether TRON’s share of the stablecoin market keeps climbing in Q4, whether USDT supply on the network pushes past its Q3 peak of over $92.7 billion, and whether USDD or any other stablecoin manages to dent USDT’s near-total grip on the ecosystem.