TRON Tops Ethereum in USDT With $92.25B Stablecoin Supply and $2.18T Q3 Transfers

Key Takeaways:

• TRON has been ahead of Ethereum with an average trade size of USDT worth $90.75 billion within Q3.
• Supply of stablecoins hit an all-time high of $92.25 billion, and transfers valued at $2.18 trillion.
• The number of transactions fell to 1.08 billion, but network revenues dropped to $693.21 million.

User Score

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During the third quarter of 2026, TRON’s stablecoin settlement capability exceeded Ethereum in terms of the average stablecoin USDT supply and also recorded peaks on a number of network metrics.

According to Token Terminal’s latest quarterly report, balances of stablecoins, addresses held and monthly active users all reached new record highs.

https://t.co/qHyVVcR8Wb

— Token Terminal 📊 (@tokenterminal) November 2, 2026

The average USDT in TRON is USD 90.75 billion during Q3 which is 4.11% higher from that of the previous quarter and 13.74% up from a year ago. Ethereum, on the other hand, had a $87.73 billion average, which is down 7.59% from a year ago. That resulted in a total of 49.49% of USDT being held in the 12 networks monitored by Token Terminal.

TRON first grabbed an advantage and held it for a bit until July 16, when it temporarily overtook Ethereum and remained in front for the rest of the quarter. A record $92.25 billion in stablecoins were established in total, increasing by about 4.18% compared to Q2 and 14.58% compared to last year. This amount climbed to $93.88 billion as of the end of September.

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The activity on the stablecoins was also strong. In total, TRON powered $2.18 trillion worth of stablecoin transactions in the Q3, that’s 4.17% higher than in the prior quarter. The number of average stablecoin holder addresses has reached a new high of 76.53 million in 40.45% of the stablecoin’s total addresses on 45 chains tracked in the report.

A stablecoin transfer volume amounted to 23.67 times the average supply over the course of this quarter, with the average dollar value of a stablecoin on TRON transferring approximately every 3.89 days.

Network activity was close to record levels at 1.08 billion transactions, Q3. It represented an 31.19% increase from a year ago and the sixth consecutive quarterly uptick in the number of transactions. The average throughput was 135.76 transactions per second.

The company reported an average of 17.81 million users per month during the quarter, which is an increase of 8.71% from the second quarter and 21.86% compared to the same quarter in the previous year. Transaction growth also led to active-address growth, with each active address becoming part of 60.60 transactions during the quarter, up from 56.29 a year ago.

The network value of TRON has declined in the third quarter of 2018, decreasing 3.10% from the previous quarter and 34.40% year over year to $693.21 million. Particularly, transaction costs were lower, accounting for most of the drop. According to data, average fees dropped to $0.64 in August, down a staggering 50.20% from a year ago due to TRON dropping its Energy price in the same month.

Even taking into account lower fees, Token Terminal estimated that TRON was the biggest L1/L2 network by revenue among the networks in their comparison in the previous quarter with 93.18% of revenue.

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