TRON processed $2.21 trillion in stablecoin settlement during the third quarter of 2026, a 5.1% increase from the previous quarter, according to data from Nansen. The network recorded 1.0748 billion successful transactions between July and September, averaging 11.68 million per day. However, the report did not separate payment-related stablecoin flows from exchange transfers, leaving questions about how much activity came from merchant payments or remittances.
TRON DAO's quarterly research listed settlement at $2.2126 trillion, compared with $2.106 trillion in Q2. That represents a gain of $106.6 billion, with average daily settlement rising to $24.05 billion from $23.14 billion. The combined supply of USDT and USDD on TRON reached $93.88 billion at quarter-end. Network fees totaled $701.4 million, though average daily fees declined 4% to $7.62 million. TRON generated 360.2 million TRX and burned 234.5 million, leaving net issuance of approximately 125.8 million tokens.
Among entities labeled by Nansen, Binance led with 39.7 million transactions, followed by OKX at 36.1 million. Bybit recorded 9.9 million, MEXC 8 million, and Gate 4 million. Nansen cautioned these rankings measure transaction counts, not dollar values, and do not identify the portion of the $2.21 trillion that represented payments rather than exchange-related transfers. Visa's Onchain Analytics methodology, which filters bot-driven and inorganic transfers, was cited as context for why raw stablecoin settlement figures can overstate organic activity, but no equivalent adjusted Q3 volume comparison for Ethereum or Solana was provided.
Institutional exposure expanded in September when Canary Capital’s staked TRX ETF began trading under the ticker TRXS on Sept. 9. The fund holds TRX and incorporates staking rewards into its net asset value, with a 1.10% annual sponsor fee and staking fees capped at 20% of generated rewards. BitGo Bank & Trust serves as TRX custodian, and U.S. Bank serves as cash custodian. The product was designed to stake substantially all of its holdings, although its prospectus warned that ETF shares could trade at a premium or discount to the value of the trust's TRX.
Despite the strong network activity, TRX traded near $0.3299 on Oct. 23, below its 50-day, 100-day, and 200-day simple moving averages. The moving averages formed a resistance cluster between $0.3332 and $0.3351, with the 50-day SMA at $0.335125, the 100-day at $0.333197, and the 200-day at $0.333247. The 14-day Relative Strength Index stood at 43.05, below the neutral 50 threshold. The token was testing ascending support and the 0.786 Fibonacci retracement near $0.3260 to $0.3280. A sustained break below $0.3260 would expose the $0.3104 retracement level, while a daily close above $0.3351 would mark the first meaningful short-term improvement.
