According to CryptoQuant, TRON has surpassed Ethereum as the dominant network for USDT, holding $80.8 billion in stablecoin supply compared to Ethereum's $73.8 billion. This represents a 35% growth for TRON since January 2025. Daily USDT transactions on TRON range between 2.3-2.4 million—6.8 times higher than Ethereum—with $24.6 billion processed daily, more than double Ethereum's volume.
In the first half of 2025, 98% of TRON's top token transfers were USDT-related, totaling 384 million transactions. Network activity surged with 273 million transactions in May and 28.7 million active addresses in June, driven largely by TRON's gasless model (now 75% of all activity).
TRON's DeFi ecosystem expanded, with SunSwap averaging $3 billion+ monthly swap volumes (peaking at $3.8B in May) and JustLend seeing 23% YoY borrowing growth. Despite gasless adoption, fee revenue hit a record $308 million in June 2025.
Concurrently, TRON flipped Cardano to become the 9th-largest cryptocurrency with a $29 billion market cap. Founder Justin Sun rang Nasdaq's opening bell on July 24 after Tron Inc.'s corporate restructuring, which included a $210 million treasury investment. TRX traded near $0.31 with 70% volume growth, and analysts project $0.40-$0.45 targets by September. The network has processed 14 billion+ transactions and generated $2 billion in cumulative fees.