Tron network leads in stablecoin market share amid growing monthly transfer volume

Tron’s share of the stablecoin market continues to grow as the network’s adjusted transfer volume in USDT hit $384 billion in July.

Tron has grown to become the second blockchain to Ethereum in stablecoin market share. 

Data from Coin Metrics Network reveals that stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market share, which currently stands at $161.1 billion. This is a significant increase from a supply of $46.6 billion it held a year ago.

Tron trails the Ethereum network, which dominates the stablecoin market supply at $89.7 billion, representing 55.7% of the total supply.

Growth in the stablecoin supply on Tron coincides with an increase in transfer volume, which has grown by 5.1% over the last 30 days and 158% year-to-date to reach $58.75 billion. Other chains like Ethereum and BNB Chain saw year-to-date increases in volume of 103% and 46.5% respectively. Stablecoin transfer volumes on Solana have dropped by 75% over the same period.

Tron’s dominance is evidenced in the daily total stablecoin transfer volume, which stood at $17.4 billion on Aug. 15, dwarfing Solana’s $6.4 billion and BNB Chain’s $1.6 billion on the same day.

Related: Circle proposes new capital-risk framework for stablecoins

Moreover, the $17.4 billion in stablecoin transferred on Tron on Aug. 15 is 222%% more than the $5.4 billion stablecoin transfer volume on Aug. 15, 2023.

In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Tron, pushing its total value locked to $10.55 billion on March 14, 2024, its highest level ever, according to data from DefiLlama. The TVL has increased by 12% since Aug. 5 to the current value of $7.617 billion.

This has also been evidenced by the increased onchain revenues, where Tron has witnessed a significant increase over the last year.

Daily revenue on the Tron network increased by 27% during the year, running up to Aug. 16 to $1.5 million.

Over the same period, daily volume on Tron-based decentralized applications rose by more than 672%, from $4.61 million to $35.57 million.

The price of TRX, Tron’s native token, has also been, rising over 80% in the last 12 months to trade at $0.133 at the time of publication. The price of the layer-1 token is now 55% from its January 2018 all-time high of $0.30.