TRON settles $2.21T in Q3 stablecoins as payment split stays unclear

TRON has processed $2.21 trillion in stablecoin settlement during the third quarter of 2026, up 5.1% from the previous quarter, Nansen has reported.

Nansen’s Oct. 21 report puts successful network transactions at 1.0748 billion for July through September, averaging 11.68 million a day. Its exchange rankings identify Binance and OKX among the busiest labeled entities, although the report does not provide a dollar breakdown separating payments from exchange-related transfers.

TRON stablecoin settlement rises from Q2

TRON DAO’s quarterly research lists settlement at $2.2126 trillion, compared with $2.106 trillion in Q2. Subtracting the published totals gives a gain of $106.6 billion, or approximately 5.06%, consistent with the rounded 5.1% growth rate.

The same research puts average daily settlement at $24.05 billion, up from $23.14 billion. The quarterly and daily growth rates differ because July through September contained 92 days, compared with 91 days in April through June.

Combined USDT and USDD supply reached $93.88 billion at quarter-end, the organization reported. Its network transaction total was approximately 1.10 billion, compared with Nansen’s 1.0748 billion successful transactions. Neither report supplies a reconciliation between those counts.

Earlier coverage provides a separate USDT-specific baseline. As crypto.news previously reported on Aug. 11, TRON handled $2.1 trillion in USDT transfers in Q2, based on Messari’s research.

Messari put circulating USDT on TRON at $87.9 billion, representing 98.5% of the network’s $89.2 billion stablecoin market. Ethereum’s USDT balance stood at $78.7 billion at that quarter’s close.

Those figures describe token balances at a point in time. They are not Ethereum or Solana settlement totals for the third quarter, and Nansen’s latest TRON report contains no equivalent Q3 volume table for either chain.

Exchange rankings leave the payments split unreported

Among entities Nansen labels, Binance recorded 39.7 million transactions, and OKX recorded 36.1 million. Bybit followed with 9.9 million, ahead of MEXC’s 8 million and Gate’s 4 million.

The report explicitly describes labeled entity counts as a subset of total activity. Its rankings measure transactions, not the dollar value transferred, and do not identify what percentage of the $2.21 trillion represented merchant payments or remittances.

Visa’s Onchain Analytics dashboard treats total and adjusted stablecoin activity as separate measures. The company says public blockchains support transfers initiated by people and automated programs, and some recorded activity does not resemble traditional settlement.

To account for that activity, Visa’s methodology filters inorganic transfers from bots and other practices that can inflate recorded volume. Its dashboard presents adjusted and unadjusted transaction values separately, alongside retail-sized transfers.

A Sept. 18 methodology update expanded the underlying address labels from roughly 15 million to 600 million, according to the dashboard’s changelog. The refresh lowered adjusted volume while reducing adjusted transaction counts by less than 2%.

The changelog describes a Solana program cycling stablecoins through thousands of disposable wallets as one pattern removed from adjusted figures. Visa did not present that example as an estimate of TRON activity.

TRON fees and token supply follow separate measures

TRON DAO reported $701.4 million in Q3 network fees, with average daily fees down 4% to $7.62 million. Its supply schedule recorded 360.2 million TRX generated and 234.5 million burned, leaving reported net issuance of approximately 125.8 million tokens.

The organization explains that users obtain Energy and Bandwidth through staking, while TRX is burned when available resources do not cover transaction costs. Its quarterly research therefore reports fees, staking, and token issuance separately.

During Q2, Messari recorded $699.4 million in fees and approximately 87 million TRX in net issuance. Its figures put the circulating token supply at 94.85 billion at the end of June.

US investors gained a listed TRX product in September

Canary Capital’s staked TRX ETF began its U.S. debut under the ticker TRXS on Sept. 9, as covered in the staked TRX ETF launch report. The product holds TRX and incorporates retained staking rewards into its net asset value.

The launch coverage described a primary objective of tracking the value of the trust’s TRX after expenses and liabilities, with earning additional tokens through staking as a secondary objective. The fund was designed to stake all its holdings substantially.

Before launch, September coverage of the Aug. 19 registration amendment detailed a 1.10% annual sponsor fee and staking fees capped at 20% of generated rewards. The filing’s proposed structure left the trust with the remaining 80%.

The prelaunch coverage noted that the trust would not register under the Investment Company Act of 1940, leaving investors without some protections available to registered investment companies. Its prospectus warned that ETF shares could trade above or below the value of their underlying TRX holdings, creating a premium or discount to net asset value.

The same prelaunch filing described creation and redemption baskets of 10,000 shares, with transactions using cash or TRX under the stated conditions. It named BitGo Bank & Trust as TRX custodian and U.S. Bank as cash custodian.