TRON’s stablecoin market cap grows by $5B in 90 days as USDT dominance accelerates

TRON quietly added roughly $4.8 billion in stablecoin market capitalization over the past 90 days. The bulk of that inflow is Tether’s USDT, the stablecoin that has effectively turned TRON into the world’s busiest dollar settlement layer. By the second quarter of 2026, TRON’s stablecoin supply sat at approximately $89.2 billion, a 4.1% increase from the prior quarter. By early September, USDT supply on the network pushed past $94 billion, hitting an all-time high of roughly $94.27 billion. TRON overtakes Ethereum in USDT supply As of Q2 2026, TRON hosted $87.9 billion in circulating USDT compared to Ethereum’s $78.7 billion. That’s a gap of more than $9 billion, and it’s been widening, not shrinking. The reason is straightforward: cost. Sending USDT on TRON’s TRC-20 standard costs a fraction of what an equivalent Ethereum transaction runs. For high-frequency remittance users, over-the-counter desks, and merchants in emerging markets, that fee differential adds up fast. TRON now commands roughly 28-29% of the global stablecoin market share, a figure driven almost entirely by USDT. Transaction volume tells the bigger story In the month leading up to mid-July 2026, TRON processed $681...