TRON overtook Ethereum for average USDT supply in Q3 2026, as the network hit record quarterly averages for stablecoin balances and on-chain activity, according to Token Terminal’s Q3 report published Nov. 2 and shared by TRON DAO.
Key takeaways
- TRON’s average native stablecoin supply in Q3 was $92.25 billion — up 4.18% quarter‑over‑quarter and 14.58% year‑over‑year.
- Within that total, USDT averaged $90.75 billion on TRON versus $87.73 billion on Ethereum, giving TRON a roughly $3.02 billion lead in average USDT supply for the quarter. USDT made up about 98.4% of TRON’s stablecoin holdings.
- Across the chains Token Terminal tracked, average native stablecoin supply fell 2.41% q/q to $298.23 billion. TRON’s share rose to 30.93% (+1.96 percentage points from Q2).
- TRON and Ethereum together held 97.33% of native USDT across the 12 chains covered.
Timing and end‑of‑quarter snapshot
- The leadership shift occurred in July: TRON first moved ahead on July 16, briefly fell behind, then regained and kept the lead from July 23 onward. At quarter‑end (Sept. 30), TRON held $92.35 billion in USDT versus Ethereum’s $86.69 billion — a $5.66 billion gap on the books at quarter close.
- TRON finished September with $93.88 billion in total native stablecoins outstanding. Its average stablecoin supply has increased for three straight quarters.
Holders, transfers and velocity
- TRON averaged 76.53 million stablecoin holder addresses in Q3, up 2.25% q/q and 11.27% y/y. By comparison, Token Terminal reported 26.32 million holder addresses on Ethereum and 12.11 million on Solana — TRON’s count is nearly double their combined totals and represented 40.45% of holders across 45 tracked chains.
- Token Terminal defines holders as addresses with a nonzero native stablecoin balance (addresses, not unique individuals).
- Transfer volume across the tracked chains totaled $2.18 trillion for Q3, a 4.17% q/q increase and 3.70% y/y rise. That equates to transfers equal to 23.67 times average supply — the average stablecoin dollar moved once every 3.89 days. (For context, Nansen’s separate Q3 research reported $2.2126 trillion in settlement.)
Network activity and fees
- Network transactions reached 1.08 billion in Q3, up 0.28% q/q and 31.19% y/y. Average throughput edged down 0.81% to 135.76 transactions per second; Token Terminal attributes the TPS dip in part to Q3 having one more day than Q2.
- Despite higher transaction counts, reported network revenue fell to $693.21 million — down 3.10% q/q and 34.40% y/y. Average transaction fees dropped to $0.64, a 3.87% q/q decline and a 50.20% drop year‑over‑year.
- Token Terminal links the year‑over‑year fee fall to TRON Proposal 104, which reduced TRON’s Energy price from 210 sun to 100 sun on Aug. 29, 2025. The report counts transaction fees paid via burned TRX or staking‑derived Energy and Bandwidth as network revenue.
User activity and US market access moves
- Monthly active addresses averaged 17.81 million in Q3, up 8.71% q/q and 21.86% y/y (measured as unique addresses sending at least one transaction in a rolling 30‑day window). Activity eased through the quarter, falling from 20.09 million at June’s close to 15.42 million on Sept. 30. TRON DAO noted that “transaction growth outpaced the increase in active addresses over the past year.”
- The report also highlighted three U.S. access developments in Q3 that could boost institutional and retail exposure to TRON: Anchorage Digital added native TRX staking on July 14; Bitnomial listed TRX futures on July 27; and Canary Capital launched a Staked TRX ETF (TRXS) on Sept. 9.
Bottom line
Token Terminal’s Q3 data paints TRON as the dominant on‑chain venue for USDT during the quarter, with robust holder counts and sustained transfer activity. Lower fee mechanics and protocol changes have compressed revenue and per‑transaction fees, even as stablecoin velocity and institutional access continue to expand.
Key takeaways
- TRON’s average native stablecoin supply in Q3 was $92.25 billion — up 4.18% quarter‑over‑quarter and 14.58% year‑over‑year.
- Within that total, USDT averaged $90.75 billion on TRON versus $87.73 billion on Ethereum, giving TRON a roughly $3.02 billion lead in average USDT supply for the quarter. USDT made up about 98.4% of TRON’s stablecoin holdings.
- Across the chains Token Terminal tracked, average native stablecoin supply fell 2.41% q/q to $298.23 billion. TRON’s share rose to 30.93% (+1.96 percentage points from Q2).
- TRON and Ethereum together held 97.33% of native USDT across the 12 chains covered.
Timing and end‑of‑quarter snapshot
- The leadership shift occurred in July: TRON first moved ahead on July 16, briefly fell behind, then regained and kept the lead from July 23 onward. At quarter‑end (Sept. 30), TRON held $92.35 billion in USDT versus Ethereum’s $86.69 billion — a $5.66 billion gap on the books at quarter close.
- TRON finished September with $93.88 billion in total native stablecoins outstanding. Its average stablecoin supply has increased for three straight quarters.
Holders, transfers and velocity
- TRON averaged 76.53 million stablecoin holder addresses in Q3, up 2.25% q/q and 11.27% y/y. By comparison, Token Terminal reported 26.32 million holder addresses on Ethereum and 12.11 million on Solana — TRON’s count is nearly double their combined totals and represented 40.45% of holders across 45 tracked chains.
- Token Terminal defines holders as addresses with a nonzero native stablecoin balance (addresses, not unique individuals).
- Transfer volume across the tracked chains totaled $2.18 trillion for Q3, a 4.17% q/q increase and 3.70% y/y rise. That equates to transfers equal to 23.67 times average supply — the average stablecoin dollar moved once every 3.89 days. (For context, Nansen’s separate Q3 research reported $2.2126 trillion in settlement.)
Network activity and fees
- Network transactions reached 1.08 billion in Q3, up 0.28% q/q and 31.19% y/y. Average throughput edged down 0.81% to 135.76 transactions per second; Token Terminal attributes the TPS dip in part to Q3 having one more day than Q2.
- Despite higher transaction counts, reported network revenue fell to $693.21 million — down 3.10% q/q and 34.40% y/y. Average transaction fees dropped to $0.64, a 3.87% q/q decline and a 50.20% drop year‑over‑year.
- Token Terminal links the year‑over‑year fee fall to TRON Proposal 104, which reduced TRON’s Energy price from 210 sun to 100 sun on Aug. 29, 2025. The report counts transaction fees paid via burned TRX or staking‑derived Energy and Bandwidth as network revenue.
User activity and US market access moves
- Monthly active addresses averaged 17.81 million in Q3, up 8.71% q/q and 21.86% y/y (measured as unique addresses sending at least one transaction in a rolling 30‑day window). Activity eased through the quarter, falling from 20.09 million at June’s close to 15.42 million on Sept. 30. TRON DAO noted that “transaction growth outpaced the increase in active addresses over the past year.”
- The report also highlighted three U.S. access developments in Q3 that could boost institutional and retail exposure to TRON: Anchorage Digital added native TRX staking on July 14; Bitnomial listed TRX futures on July 27; and Canary Capital launched a Staked TRX ETF (TRXS) on Sept. 9.
Bottom line
Token Terminal’s Q3 data paints TRON as the dominant on‑chain venue for USDT during the quarter, with robust holder counts and sustained transfer activity. Lower fee mechanics and protocol changes have compressed revenue and per‑transaction fees, even as stablecoin velocity and institutional access continue to expand.