TRON overtakes Ethereum as Q3 USDT supply averages $90.75B
TRON surpassed Ethereum in average USDT supply during Q3 2026, with $90.75B in USDT, a 4.11% increase from Q2. Ethereum's USDT supply fell 7.59%. TRON's stablecoin holder addresses grew 2.25% to 76.53M, while transactions increased 0.28% to 1.08B, but revenue dropped 3.10% to $693.21M due to lower fees.
How this was made
The 30-second read
Why it matters
The key decision-relevant signal is TRON’s USDT share overtaking Ethereum during Q3, alongside record holder address averages. However, the same report shows revenue and average fees falling year over year, suggesting monetization pressure despite growth in activity.
Market read
For traders, the article provides a fresh cross-chain stablecoin market-share datapoint (TRON USDT lead) plus contemporaneous monetization signals (lower fees/revenue).
What to watch
The article cites Proposal 104’s Energy price cut as a driver of fee comparisons; traders may want to separate usage growth from monetization changes when forming TRX expectations.
Background
Token Terminal’s Q3 report (shared by TRON DAO) tracks stablecoin supply, holder addresses, transfers, transactions, and fee-derived revenue across multiple chains.
Ticker impact
TRON’s Q3 report shows USDT supply averaged $90.75B on TRON, plus record stablecoin holder addresses and lower average fees tied to TRON’s Energy pricing change.
Likely supportive for TRX as traders price in sustained stablecoin growth and higher active addresses, partially offset by weaker fee revenue.
The article attributes USDT balance growth and rising holder addresses to TRON, while also reporting falling revenue and fees, which can limit upside for token-linked revenue narratives.
Market effects
Reinforces a stablecoin market-share shift toward TRON and highlights that fee policy changes can reduce average fees even as usage grows.
US access expansion (Anchorage, Bitnomial, Canary Capital ETF) is framed as a driver of higher active addresses, relevant to US stablecoin on-ramps.
USDT supply concentration between TRON and Ethereum is a key read-through for cross-chain stablecoin liquidity and settlement activity.
Counterpoint
Higher USDT balances and active addresses may not translate into higher TRON token economics if revenue and average fees keep declining.
Key entities
- blockchainTRON
Network whose stablecoin balances, USDT supply, holder addresses, and fee metrics are reported for Q3 2026.
- blockchainEthereum
Compared as the prior USDT leader, with its average USDT balance falling in Q3 2026.
- data providerToken Terminal
Publishes the Q3 report used for the stablecoin supply, holder, and fee/revenue comparisons.
- organizationTRON DAO
Shares the report and provides commentary on transaction growth versus active addresses.
