Tron, a smart contract-enabled blockchain, has strengthened its position as a stablecoin chain, largely due to sustained $USDT activity on its network.
According to the latest Messari "State of Tron" report, the project's stablecoin market capitalization grew by 4.1% compared to the first quarter, with $USDT accounting for nearly 99% of all stablecoins on the chain.
Furthermore, in the second quarter, Tron became the largest host of Tether's flagship stablecoin, with a $USDT volume of $87.9 billion, compared to Ethereum's $78.7 billion. This share has continued to grow and is now approaching $91 billion.
Tron has become more popular for stablecoin payments following the introduction of a new "gasless" feature, allowing for transactions without fees and without the need to pay TRX. Additionally, it has a first-mover advantage, enjoying significant popularity in emerging economies such as those in Africa and Latin America. This is why it leads in the number of transfers under $1,000 among native issuance chains, capturing 52% of these "small" transfers.
The network also demonstrated record activity for the third consecutive quarter: average daily transactions reached 11.8 million, and average daily active addresses grew to 3.6 million in Q2.
Alex Ouchakevich, a financial analyst and partner at AI-powered analytics company Artemis, emphasized that these exceptionally strong results indicate the blockchain has "real, non-speculative, stable demand that is monetized without subsidies and is independent of market cycles," primarily due to its focused use in stablecoin transfers and payments.
"Over the last three quarters, the network added infrastructure for institutional investor access and launched its first RWA," he noted.
Ouchakevich added that Tron also leads in crypto-card settlements: the share of crypto-card transaction volumes grew to $887 million, accounting for 34% of this market—the highest among all networks. Tron continues to maintain its lead in Q3 with a 21% market share by top-up volume, registering $108.5 million out of the total tracked volume of $509.6 million.
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