Overview
- The trend accelerated in mid‑October 2026 when data from TRON’s Q3 report and market trackers showed the total stablecoin market near $300.3 billion with TRON hosting about 31% of supply and Ethereum holding roughly half.
- TRON processed roughly 73% of stablecoin transfer volume in September and Q3 2026, a shift driven largely by Tether’s USDT moving onto TRON where about half of global USDT now sits.
- On the revenue side, DefiLlama reported TRON generated about $23.4 million in chain fees over 30 days and TRON DAO recorded $82.7 million in protocol fees for Q3 while settling about $2.21 trillion in stablecoin value for the quarter.
- The change concentrates on‑chain plumbing: with USDT and USDC making up roughly 85% of supply and a large share routed through TRON, observers warn the market faces greater issuer, monitoring, and regulatory exposure.
- The wider implication is that network design and institutional on‑ramps matter for where dollar liquidity flows, so regulators, custodians and exchanges will shape whether this redistribution is durable or reversed in coming quarters.