Token Terminal’s latest quarterly report for the third quarter of 2026 shows TRON overtaking Ethereum in average USDT supply and setting multiple network records. TRON’s average USDT balance reached $90.75 billion during Q3, up 4.11% quarter-over-quarter and 13.74% year-over-year. Ethereum’s average was $87.73 billion, down 7.59% from a year earlier. That gave TRON a 49.49% share of USDT held across 12 monitored networks.
TRON first moved ahead on July 16 and stayed in front for the rest of the quarter. Its total stablecoin supply hit a record $92.25 billion, increasing 4.18% from Q2 and 14.58% year-over-year, with the amount climbing to $93.88 billion by the end of September. Stablecoin transfers on TRON reached $2.18 trillion, a 4.17% quarterly increase, while stablecoin holder addresses hit a record 76.53 million, representing 40.45% of addresses across 45 tracked chains. Stablecoin transfer volume amounted to 23.67 times the average supply, with the average dollar value of a stablecoin on TRON transferring approximately every 3.89 days.
Network activity stayed near record levels. TRON processed 1.08 billion transactions in Q3, up 31.19% year-over-year and marking the sixth consecutive quarterly increase. Average throughput was 135.76 transactions per second. Monthly active users averaged 17.81 million, up 8.71% from the previous quarter and 21.86% year-over-year. Each active address participated in an average of 60.60 transactions, up from 56.29 a year earlier.
Despite the activity, network revenue fell 3.10% quarter-over-quarter and 34.40% year-over-year to $693.21 million. The decline was driven primarily by lower transaction costs: average fees dropped to $0.64 in August, down 50.20% from a year ago after TRON reduced its Energy price. Token Terminal still estimated that TRON was the largest Layer 1/Layer 2 network by revenue among those compared, capturing 93.18% of revenue in the prior quarter.
