Tron Stablecoin Settlements Reach $2.2126 Trillion in Third Quarter
Key Facts
Stablecoin settlements on the Tron network reached $2.2126 trillion in the third quarter of 2026, according to a report published by Nansen on 21 October 2026, as daily transfer values and transaction activity on the network increased. Settlements rose 5.1% from $2.106 trillion in the second quarter. Average daily settlements increased to $24.05 billion from $23.14 billion in the previous quarter. That average rose 3.9% quarter on quarter, according to the report. The network recorded 1,074.8 million successful transactions during the quarter, averaging 11.68 million transactions a day. Daily active addresses averaged 3.72 million, according to Nansen. During the same period, cumulative transaction volume on Tron surpassed 30 trillion dollars, according to a Tron Research report.
The growth in settlements coincided with the market capitalization of Tether's USDT stablecoin supply on Tron reaching a record high of just over $92.7 billion during the quarter, according to CoinDesk Research. By the end of the period, the combined supply of USDT and the USDD stablecoin on the network stood at $93.88 billion, according to Tron Research. The combined supply rose 5.5% from the second quarter of the year. Total value locked on the network, including staking, stood at $28.21 billion during the third quarter, according to the Tron report. Value locked in decentralized finance, excluding staking, was $13.05 billion during the same period, the report said.
In transfers between users, Tron accounted for about 73% of peer-to-peer stablecoin transfer volume in September 2026, according to a CoinDesk Research report commissioned by Tron. The network's share of USDT transfer volume for transactions below $1,000 rose to 55% during the third quarter. That share stood at 52% in the second quarter among networks on which the stablecoin is issued directly, according to the report. In crypto card payments, Tron led networks with a 27.5% share of payment volume during the third quarter. That share represented about $638 million in payments on the network, according to CoinDesk.
On fees, the Tron Research report cited a total of $701.4 million during the third quarter of 2026. Daily fees averaged $7.62 million during the period, according to the same report. That average fell 4.0% from the second quarter, alongside the increase in average daily settlements reported by Nansen. The average fee per transaction also declined to $0.643 in the third quarter from $0.668 in the previous quarter, according to Tron Research. Under the fee calculation used in the CoinDesk Research report, Tron's fees totaled $82.7 million during the third quarter.
In investment products, assets under management in Tron-linked exchange-traded products rose to about $80 million by the end of the third quarter from about $29 million in the second quarter, driven primarily by the launch of Canary's fund, according to CoinDesk. A Cboe notice set 9 September 2026 as the start of trading for the Canary Staked TRX exchange-traded fund under the ticker TRXS. The fund's prospectus filed with the U.S. Securities and Exchange Commission states that "accrued staking rewards will be included in the calculation of the fund's daily net asset value." In institutional services, Anchorage Digital made TRX staking available alongside custody of assets issued under the TRC-20 standard, according to a company announcement. Against the backdrop of efforts to combat illicit flows, Tether announced on 14 May 2026 the results of work by its joint financial crime unit with Tron and TRM Labs. The company said the unit had frozen more than $450 million in illicit assets globally as of that announcement. Regarding the operation of Canary's fund, its sponsor expects to stake at least 90% of its TRX holdings under normal conditions, according to the fund's prospectus.