TRON (TRX) Settled $2.21 Trillion in Stablecoins in Q3, TRON DAO Reports

Stablecoin Settlement Reaches $2.21 Trillion

TRON (TRX) settled $2.21 trillion in stablecoins during the third quarter, according to the State of TRON report that TRON DAO, the network's community-governed decentralized autonomous organization, published on Monday from Geneva. Cumulative settled volume passed $30 trillion in the same period, a threshold the report frames as confirmation of the chain's standing as settlement infrastructure for stablecoin transfers and digital asset payments. Daily settlement volume averaged $24.05 billion, 3.9% above the second quarter's pace. Throughput held close to second-quarter levels at roughly 1.1 billion transactions, a count that runs 33.7% ahead of the third quarter of 2025. The address base widened in step: the monthly rolling average of active addresses climbed 9.8% to 18 million, while daily active addresses ran near 3.5 million.

Supply and locked value moved the same way. USDT and USDD in circulation reached $93.88 billion, 5.5% higher quarter over quarter, and TRON carries the largest USDT float of any chain at more than $94 billion. Total value locked, staking included, stood at $28.21 billion, with the DeFi-only measure at $13.05 billion. Fee revenue softened: the network collected $701.4 million across the quarter, a daily average of $7.56 million, down 4.0% from the prior period, and the average transaction fee slipped from $0.668 to $0.643. The report itself tracks settlement, liquidity, token economics, developer activity, decentralization and protocol governance rather than market data, so the TRON (TRX) price sits outside its scope. The blockchain launched its mainnet in May 2018, and TRONSCAN now counts more than 408 million user accounts and over 15 billion cumulative transactions.

Institutional Access and Card Payments

Canary Capital launched the Canary Staked TRON (TRX) ETF (TRXS) on September 9, and the TRON DAO team rang the Cboe closing bell in Chicago on September 29 to mark the debut. The fund tracks TRX's spot performance while adding passive net staking rewards reflected in its daily net asset value, although our earlier coverage shows Canary's staked TRX ETF has since stalled at 2.03 million shares. Custody and trading access widened in parallel: Anchorage Digital added TRX staking and TRC-20 custody, Bitnomial introduced TRX futures trading, and Backpack rolled out spot trading alongside perpetual contracts. Ethena deployed its USDe and sUSDe digital dollar products on the network, while Ducat connected its Bitcoin-backed infrastructure to the chain's stablecoin economy.

Card data gives the retail side of the same story. Of the $4.31 billion in stablecoin card payments processed industry-wide in the quarter, TRON (TRX) carried roughly $998 million, a 23.2% share that leads all networks and stands 12.4% above the prior quarter. Wallet and developer integrations followed: MoonPay enabled gas-free transactions through Trust Wallet so users no longer need TRX for network fees, MetaMask extended its reach to SUN.io, JustLend DAO and BitTorrent, Fireblocks Flow added wallet payment support, and Privy expanded wallet and transaction management tools. Eco and STON.fi broadened cross-chain bridges for stablecoins, KiiChain linked its assets to round-the-clock foreign exchange and payment rails, and OpenZeppelin brought its smart contract library to the network, whose code is maintained in a public GitHub repository. One headline item slipped: the migration of quantum-resistant signatures to mainnet, targeted for the third quarter, was still confined to the testnet as of October 8 pending governance approval, as our reporting on the network's post-quantum signatures has tracked.

The quarter's most telling pair of figures sits in its cost lines. Active addresses grew 9.8% and transaction count ran 33.7% above the year-ago quarter, yet fee revenue fell 4.0% and the average fee dropped from $0.668 to $0.643, which means usage widened while the price of that usage fell. That mix supports the settlement-layer thesis but thins revenue per unit of activity. Across the wider Tron ecosystem, the institutional build-out in custody, ETFs and derivatives lowers the barrier for traditional allocators, though the stalled share count on TRXS shows that demand is still early. The quantum-resistant signature migration, now past its third-quarter mainnet target and awaiting governance approval, is the near-term milestone to watch.