TRON USDT supply hits $87.9B as transfers reach $2.1T in Q2: Messari

Messari reported that TRON recorded all-time highs in stablecoin supply and network activity during the second quarter, while DeFi and decentralized exchange activity declined.

State of TRON Q2 2026 report. Source: Messari

Network Activity and Fees

Higher activity also helped reverse a two-quarter decline in network fees. Fees rose 15.9% to $699.4 million, their first quarterly increase since an August 2025 governance change cut the network’s energy unit price.

Growth was uneven elsewhere:

• DeFi TVL slipped 1.9% to $4.4 billion.
• Average daily DEX volume fell 21.7% to $49.3 million, marking a fourth consecutive quarterly decline.

TRX supply also remained inflationary despite higher activity, with circulating supply increasing by 87 million tokens during the quarter as issuance continued to outpace burns.

Institutional Access

Institutional access to TRON widened during the quarter, with Securitize launching Hamilton Lane’s tokenized Senior Credit Opportunities Fund on the network, its first TRON-issued asset. The fund launched with about $4.3 million under management.

Asset manager Grayscale also added TRX (TRX), the native token of the TRON blockchain, to its list of assets under consideration, while a proposed staked TRX exchange-traded product from Canary Capital remained in registration.

Market Access

Meanwhile, TRX saw broader market access during the quarter:

• Bitnomial launched spot TRX trading in the United States.
• OKX Europe introduced MiFID-regulated TRX expiry perpetuals.
• Binance.US restored trading in the token.

That trend continued after the quarter ended, with Anchorage Digital adding native TRX staking and custody for TRC-20 assets in July, allowing institutional clients to stake TRX directly from its custody platform.

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