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By: AJC · @AvgJoesCrypto · Enterprise Research Manager
TRON's stablecoin market cap grew 4.1% QoQ to a record $89.2 billion at Q2-end, with USDT at 98.5% market share. The network processed $2.1 trillion in USDT transfers during the quarter, and average daily transfer volume rose 4.3% QoQ to $22.8 billion, resuming growth after Q1's pullback. TRON ended the quarter as the largest USDT host chain, with $87.9 billion circulating USDT against Ethereum's $78.7 billion.
Fees inflected upward for the first time since the August 2025 fee cut. Total fees rose 15.9% QoQ to $699.4 million in USD terms and 2.1% in TRX terms to 2.10 billion TRX, as resource consumption grew alongside an appreciating token. The average transaction cost was $0.65, up 5.4% QoQ.
Institutional and regulated access widened on multiple fronts. Securitize issued its first asset on TRON (Hamilton Lane's tokenized HLSCOPE credit fund), OKX Europe listed MiFID-regulated TRX expiry perpetuals, the CFTC-regulated Bitnomial exchange added spot TRX, BinanceUS restored TRX trading, and Grayscale placed TRX on its Q2 assets-under-consideration list.
Network activity set records for a third consecutive quarter. Average daily transactions rose 8.7% QoQ to 11.8 million (1.08 billion total, including a 14.6 million single-day record on June 15), and average daily active addresses climbed 11.7% QoQ to 3.6 million. New-address creation recovered, up 4.5% QoQ after Q1's 20% decline.
Value-accrual tensions persisted beneath the activity records. The circulating supply net-inflated by 87 million TRX (+0.1% QoQ), the third consecutive inflationary quarter, and the staking rate slipped to 48.2%, its first decline in six quarters, with total staked TRX down 0.9% to 45.7 billion.