TRON moved ahead of Ethereum in average USDT supply during the third quarter of 2026. Its USDT balance averaged $90.75 billion, compared with Ethereum’s $87.73 billion. The network also recorded higher stablecoin balances and address activity.
Token Terminal’s November 2 report put average stablecoin supply at $92.25 billion. That marked growth of 4.18% from Q2 and 14.58% from a year earlier. TRON’s market share reached 30.93% as average native stablecoin supply across tracked chains fell 2.41% to $298.23 billion.
How TRON Gained the USDT Lead
USDT supply rose 4.11% on TRON during the quarter, while Ethereum fell 7.59%. The gap between their quarterly averages reached $3.02 billion.
The network remained ahead from July 23 after briefly taking the lead a week earlier. By September 30, its USDT supply exceeded Ethereum’s by $5.66 billion.
What Network Activity and Fees Show
TRON averaged 76.53 million stablecoin holder addresses in Q3, up 2.25% from the previous quarter. Ethereum recorded 26.32 million, while Solana had 12.11 million.
Stablecoin transfers totaled $2.18 trillion, rising 4.17% from the previous quarter. Monthly active addresses averaged 17.81 million, an increase of 8.71%.
Transactions reached 1.08 billion, up 0.28% from Q2. Despite that rise, network revenue fell 3.10% to $693.21 million. Average fees declined 3.87% to $0.64 per transaction.
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