Tron's USDT Supply Hits $94.2 Billion as Stablecoin Market Dominated by Tether

Tron (TRX) network's Tether (USDT) supply was reported at $94.25835 billion (approximately 130 trillion won) as of September 19, according to TRONSCAN. The stablecoin market on Tron has expanded primarily around Tether, though this concentration also highlights high dependency on a single asset. Messari projected Tron's total stablecoin market capitalization for Q2 2026 at $89.2 billion (approximately 123 trillion won), showing a 4.1% quarterly increase from the previous quarter. Within this, Tether comprised 98.5% of the stablecoin supply.

While Messari's figure for Q2's total stablecoin market capitalization was $89.2 billion and TRONSCAN reported USDT supply at $94.25835 billion as of September 19, the difference of approximately $5 billion (about 6.905 trillion won) does not indicate a direct comparison due to differing reporting periods. Tron's Tether circulation reached $87.9 billion (approximately 121 trillion won) by Q2 end, surpassing Ethereum's $78.7 billion (approximately 109 trillion won). The network processed $210 billion (approximately 290 quadrillion won) in Tether transactions during the quarter, averaging $22.8 billion (approximately 3.15 trillion won) daily.

CoinDesk Research noted Tron's stablecoin market share rose from 27.3% on March 27 to 28.7% by June, with about 93% of transactions involving peer-to-peer transfers. This suggests Tron is being used more for settlement needs in remittances and commerce rather than exchanges or DeFi. However, it remains unclear whether these transactions represent actual payments or internal movements within exchanges or adjustments to issuance and circulation volumes.

TronDAO's Q2 report stated stablecoin supply at approximately $89 billion (about 123 trillion won), with settlement volume of $280 billion (approximately 2,872 trillion won). The discrepancy between Messari's $210 billion and TronDAO's $280 billion in settlement figures likely stems from differing methodologies. Both reports confirm Tron's stablecoin market growth is driven by increased settlement activity and Tether concentration.