USDT (USDT) Supply on TRON Crosses $94 Billion

USDT Supply on TRON Tops $94 Billion

Tether's USDT stablecoin circulating on the TRON network climbed past $94 billion by the end of August, up from $87.9 billion at the close of the second quarter, on-chain data shows. The supply expansion coincided with a user-base milestone: TRON's total account count stood at roughly 401.9 million as of September 2, 2026, per figures tracked by on-chain data analysts, after the chain formally cleared the 400 million threshold on August 23. The growth tempo has been strikingly consistent. TRON needed roughly four years to reach its first 100 million accounts, then 492 days to move from 200 million to 300 million — a level reached on April 12, 2025 — and 498 days to advance from 300 million to 400 million, a gap of just six days between the last two 100-million stretches. Daily new-account creation mostly held between 150,000 and 200,000 through July 2026, spiking above 230,000 around July 29, and network data across roughly the past three years shows account growth staying elevated for extended periods. Usage metrics reinforced the expansion. Second-quarter figures show average daily transactions on TRON rose 8.7% to 11.8 million, while daily active addresses climbed 11.7% to 3.6 million, and the network set a single-day record of 14.6 million transactions on June 15. TRON DAO data puts cumulative activity at more than 15 billion total transactions, with transfer volume exceeding $29 trillion — cementing TRON's status as the busiest rail for stablecoin settlement, a role driven by low fees and persistent demand for dollar liquidity. One caveat matters when reading the headline numbers: account counts do not equal unique users, since a single person or entity can operate multiple wallets, so active usage, transfer volume and on-chain economic value remain the better measures of real adoption. For Tether, the concentration carries weight — TRON consistently hosts the largest share of circulating USDT, making the chain's health a direct input into the token's liquidity profile.

on-chain data analystshttps://x.com/OnchainDataNerd/status/2095030346811351055

Tether Sued Over $42.4M Pre-Warrant Freeze

Tether's unilateral freeze authority is now headed for a courtroom test. Two Thai businessmen, Nutthawat Rukthammachalern and Natthawat Kasamvilas, have sued Tether, alleging the issuer blacklisted more than $42.4 million in USDT on October 30, 2025, acting on an “informal request” from a US Homeland Security Investigations (HSI) agent — months before any judicial warrant authorized the move. The complaint states the frozen funds, 42,417,785 USDT spread across ten Ethereum addresses, were only covered by a formal seizure warrant on February 19, 2026, when a magistrate judge on the US District Court for the Eastern District of North Carolina signed off. The plaintiffs say they acquired the tokens through secondary-market commercial transactions and hold no direct relationship with Tether. Their legal theories include conversion — the civil claim for wrongfully exercising ownership over another's property — along with trespass to chattels and unjust enrichment, and they seek damages plus the interest or other yield Tether earned on the reserves backing the frozen USDT. The context is not sympathetic to the plaintiffs: the US Department of Justice alleges more than $61 million in USDT was stolen through “pig-butchering” scams, and the plaintiffs' funds were flagged in connection with that investigation. All claims remain allegations in the filing, and Tether has not publicly responded to the suit. The mechanics explain why timing is central: Tether's blacklist operates at the token level, so once an address is added, the USDT it holds cannot move — meaning the date of the informal HSI request, versus the date of the warrant, will decide the case. The dispute, which we detailed in our frozen USDT lawsuit coverage, sharpens a question hanging over centralized issuers: how far can a private company freeze user assets on an informal law-enforcement request before a court signs off? Readers tracking the market in real time can follow live spot and futures prices on Binance.

Freeze Powers Face the Courts

The two stories read as a single arc: USDT's utility is compounding — TRON alone now carries over $94 billion of the token — while the issuer-side control that makes that scale palatable to regulators is under legal attack. Tether's blacklist function underpins its law-enforcement cooperation, but it also hands a private company de facto confiscation power, and the North Carolina complaint will test whether an informal HSI request suffices without a warrant. As Tether extends the USDT standard across more networks, including its own USDT-native Layer 1, COINOTAG expects scrutiny of freezing procedure — not supply growth — to set the next narrative for the world's largest stablecoin.