Tron has increased its lead over Ethereum in USDT supply, adding a new shift to the long-running competition between the two networks for stablecoin dominance. Data cited from DeFiLlama shows that USDT supply on Tron has grown enough to put the network ahead of Ethereum, while on-chain activity has also moved higher.
Stablecoin usage pushes Tron activity to new highs
The rise in USDT liquidity on Tron reflects the network’s position as a lower-cost, faster settlement venue than rival chains. That change is showing up in usage metrics. Active addresses on Tron have been trending upward over recent years, and the pace picked up in recent weeks as weekly active addresses jumped sharply.
Transaction counts have followed the same direction. Tron recently posted its highest weekly transaction volume on record, and the network’s stablecoin count reached a fresh all-time high in the same week. Analysts cited in the report linked that growth largely to stablecoin transfer activity, reinforcing the idea that USDT remains the main driver of Tron’s current expansion.
Bitcoin reserve plans add another angle
Attention has also turned to Tron’s treasury positioning. Public statements indicate that the network has been building Bitcoin reserves and could make another large purchase. The report compares that stance with Binance’s recent decision to convert part of its Secure Asset Fund for Users, or SAFU, into Bitcoin, noting that Tron founder Justin Sun has signaled a similar direction.
No exact figure was given for Tron’s current Bitcoin holdings. The disclosure stops at the plan itself, leaving the size of any reserve accumulation unknown.
TRX price remains disconnected from network growth
Even with stronger network data and Bitcoin reserve plans in view, TRX has not delivered matching price performance. The token moved up in January, then gave back most of those gains and declined over the following weeks. Technical indicators cited in the report showed TRX was not in oversold territory during the drop, even as the retracement pushed it back into the consolidation zone seen between November and December of the prior year.
That divergence has become more visible. Price action in TRX appears to be tracking broader market conditions rather than Tron-specific demand, despite the increase in stablecoin usage and network activity. On longer-term charts, the report describes the move as a natural pullback after a parabolic advance that ran from November 2022 to August 2025.