Tron Powers More Than Half of USDT in Circulation, Report Says

In the second quarter of 2025, TRX’s circulating market capitalization rose by 17% to $26.5 billion, while the Tron network’s total revenue increased by 20.5% from $760.2 million to $915.9 million.

Usage Metrics Show Positive Trend

In the second quarter (Q2) of 2025, the TRX circulating market capitalization jumped 17% to $26.5 billion while its network, Tron, experienced another solid quarter, with total revenue rising 20.5% quarter-over-quarter (QoQ) from $760.2 million to $915.9 million. TRX’s 17.3% increase during Q2 saw total revenue in TRX rise by 9.8%, climbing from $3.2 billion to $3.5 billion, marking “the first quarterly increase in the past two quarters.”

According to a Messari report, Tron’s usage in Q2 was positive, with the daily average transactions increasing 12.6% QoQ, from 7.7 million to 8.6 million. Similarly, daily active addresses grew 5.9% QoQ, from 2.4 million to 2.5 million. Overall, the average daily new addresses increased 16.6% in Q2 QoQ, from 170,870 to 199,194. Of Q2’s average daily active addresses, 7.96% were new addresses.

The report also addressed Tron’s security and the extent of the network’s decentralization. As explained in the report, there are centralization concerns regarding the fact that only 27 Super Representatives (SRs) are participating in securing the network. However, with some 393 SR candidates, the network is able to use this diversity to “mitigate centralization concerns and promote a more distributed governance model.”

The report also highlights the distribution of votes to allay the centralization concerns.

“The number of SR candidates should challenge the voting population to distribute votes. Additionally, no singular entity received over 10% of all votes. The entity with the most votes was Poloniex, which received 2.9 billion (6.97%) of the 41 billion votes in the most recent election,” the report states.

Geographic Concentration and Staking Data

Still, the report laments that 21% of the nodes are concentrated in the U.S., which gives rise to geopolitical risks, regulations and acts of nature, among other reasons. Regarding staking on the network, the report noted a 3.8% QoQ increase in staked TRX from 43 billion to 44.7 billion. The staking ratio (the proportion of TRX’s total supply actively staked) was up by 47.1% in Q2, which was attributed “to the small decrease in the circulating supply of TRX in Q2.”

According to the report, when compared to other proof-of-stake (PoS) networks, “Tron had the seventh-highest dollar value of funds staked by the end of Q2, dropping one position from the prior quarter.”

Turning to stablecoins, the Messari report stated this had increased by 22.2% QoQ, from $66.2 billion to $80.9 billion. USDT accounts for a disproportionate majority of stablecoins on Tron at 99.2%, while just over 50% of all USDT in circulation is on Tron.

Looking ahead, Tron is charting a course for long-term innovation, backed by a $100 million artificial intelligence (AI) development fund, a $10 million builder incentive, and a slate of upcoming technical upgrades. Together, these efforts lay the foundation for robust ecosystem growth and continued advancement, the Messari report concludes.