TRON began 2025 on a strong note, marked by important protocol updates, new partnerships and growth across key onchain metrics. Throughout the first half of the year, the network’s strategic focus centered on reinforcing its role as a leading blockchain for stablecoin transfers. In its latest report, Coinpectra Research examines TRON’s performance across core metrics and explores its expanding presence in the global stablecoin ecosystem.
USDT activity on TRON reaches new highs
TRON has continued to solidify its position as a leading network for stablecoin settlements. Since the beginning of the year, the supply of stablecoins on TRON has grown by 40% and reached $81 billion, primarily by active USDT issuance. USDT now makes up 99% of the stablecoin supply on the network, and, following recent mints, 51% of the total USDT in circulation is on TRON. The stablecoin is now held by over 67 million accounts on TRON, and more than 1 million of them conduct daily transfers. This netted 65 million USDT transfers in June, with a volume of over $600 billion. This underscores TRON’s role as a core infrastructure layer for stablecoin transfers.
Looking forward, the TRON DAO has introduced gas-free USDT transfers as a response to rising gas fees. To enable this option, users must activate a GasFree wallet with a one-time fee of 1 USDT. Each subsequent transfer then incurs a fixed commission of 1 USDT, paid in USDT rather than TRX. While this provides a more predictable fee structure, it may be inefficient for users who make small and frequent transactions.
Key onchain metrics continue to rise on TRON
In the first half of 2025, TRON demonstrated sustained growth in onchain activity, and key metrics rose to some of the highest levels in the network’s history. Both the number of active users and transaction throughput continued to expand, driven by the stablecoin transfers and trading on decentralized exchanges. The latter showed a significant increase compared to 2024.
Transaction volume and active addresses were among the strongest metrics in Q2. TRON recorded 780 million transactions, a 37% year-over-year increase and the second-highest quarterly total on record. This surge was largely driven by a significant rise in TRX transfers, which now account for nearly 41% of all activity in the network. Daily active addresses increased by 25% in Q2 compared to the same period in 2024. The network consistently ranked second in both metrics behind Solana, which put it ahead of major competitors, such as BNB Chain, Ethereum and Polygon.
The rise in onchain activity during the first half of 2025 also translated into growth in TRON’s financial metrics. In Q2, the network achieved an all-time high in revenue, with a significant increase of 20% compared to the first quarter.
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