The Layer 1 blockchain is Ethereum’s solely actual competitor when it comes to stablecoin market capitalization.
With stablecoins demanding extra consideration than ever in 2025, TRON’s stablecoin provide continues to develop. The ninth-largest blockchain’s stablecoin provide crossed the $75 billion mark in Could, and is closing in on $80 billion.
TRON is at present dwelling to $77.7 billion price of stablecoins. $76.9 billion, or over 98% of that, is Tether’s USDT. The chain’s second largest stablecoin, USDD, maintains only a $451.3 million market capitalization.
TRON is the second largest chain by stablecoin market capitalization, trailing Ethereum, which boasts $134.2 billion in stablecoin provide. Nonetheless, TRON dwarfs Solana, which is the third largest chain by stablecoin market capitalization, with $11.2 billion.
Ethereum and TRON collectively host 84% of the entire stablecoin provide, which continues to make new all-time highs on an virtually weekly foundation. The present stablecoin market capitalization is over $250 billion, up 95% from two years in the past, and up 33% from the 2022 highs.
Partially because of the huge development of the stablecoin house, exercise on TRON is up dramatically from the start of 2024. In keeping with information from Messari Portals*, day by day transaction charges are up between 185-250% from the start of 2024, surging to $12 million per day prior to now week, up from roughly $3.5 million.
Every day lively addresses on Tron are additionally growing, and are up as a lot as 200% in the identical timeframe.
Whereas USDT dominates the stablecoin market capitalization on TRON, USDD, with its considerably smaller provide, at present maintains a stable 27.57% of the mindshare* throughout the TRON ecosystem over the previous week.
Whereas there is no such thing as a clear catalyst for the curiosity in USDD — whose mindshare metric* was up virtually 240% final week — it could possibly be a show of the chain’s general deal with stablecoins. Alternatively, it could possibly be pushed by the noise surrounding the Circle IPO that went reside final week.
Notably, Circle discontinued its assist of USDC on Tron final February, leaving USDD and TrueUSD because the ecosystem’s most viable alternate options to Tether’s USDT.
TrueUSD has been on the heart of controversy on a number of events, going through fraud allegations from the U.S. Securities and Exchanges Fee (SEC), in addition to a depegging occasion in 2024.
*Messari Portals are a free-to-use neighborhood useful resource that mixes quantitative information with qualitative context, giving crypto communities clear, handy entry to info that helps them make higher choices.
Go to https://messari.io/portals to be taught extra.
