TRON processed $2.21tn in stablecoin settlements between July and September 2026, a 5.1% increase on the previous quarter, according to Nansen.
The network recorded 1.0748 billion successful transactions during the period, equivalent to an average of 11.68 million a day. Binance and OKX were the busiest labelled entities, with 39.7 million and 36.1 million transactions respectively. Bybit recorded 9.9 million, followed by MEXC on 8 million and Gate on 4 million.
Nansen’s figures do not separate payments from exchange transfers by dollar value. The report also does not provide a comparable Q3 settlement total for Ethereum or Solana.
Settlement volume rises from Q2
TRON DAO reported quarterly settlement of $2.2126tn, up from $2.106tn in Q2. The difference of $106.6bn represents growth of approximately 5.06%, matching the rounded 5.1% increase.
Average daily settlement climbed to $24.05bn from $23.14bn. The different growth rates reflect the fact that the third quarter had 92 days, compared with 91 in the second quarter.
At the end of September, combined USDT and USDD supply on TRON stood at $93.88bn, TRON DAO said. The organisation recorded approximately 1.10 billion network transactions, although it did not reconcile that figure with Nansen’s 1.0748 billion successful transactions.
Messari previously reported that TRON handled $2.1tn in USDT transfers during Q2. Its research placed USDT circulating on TRON at $87.9bn, or 98.5% of the network’s $89.2bn stablecoin market. Ethereum held $78.7bn in USDT at the end of that quarter. Those are point-in-time token balances, not Q3 settlement totals for Ethereum or Solana.
The $2.21tn figure also does not identify the share represented by merchant payments or remittances. Nansen says its labelled-entity rankings cover only part of total network activity and measure transaction numbers rather than transferred dollar values.
Visa’s Onchain Analytics dashboard distinguishes between total and adjusted stablecoin activity. Its methodology removes inorganic transfers, including bot-driven activity and patterns that can inflate reported volumes, while displaying adjusted and unadjusted values separately alongside retail-sized transfers.
A 18 September methodology update expanded address labels from about 15 million to 600 million. Visa said the change reduced adjusted volume, while adjusted transaction counts fell by less than 2%. One excluded pattern involved a Solana programme moving stablecoins through thousands of disposable wallets; Visa did not present that as evidence of activity on TRON.
Fees, supply and listed TRX product
TRON DAO reported $701.4m in network fees for Q3, with average daily fees down 4% to $7.62m. The network generated 360.2 million TRX and burned 234.5 million, resulting in net issuance of approximately 125.8 million tokens.
Users obtain Energy and Bandwidth through staking, while TRX is burned when those resources do not cover transaction costs. TRON DAO therefore reports fees, staking and token issuance as separate measures. In Q2, Messari recorded $699.4m in fees, approximately 87 million TRX in net issuance and a circulating supply of 94.85 billion tokens at the end of June.
Canary Capital’s staked TRX ETF began trading in the United States under the ticker TRXS on 9 September. The fund holds TRX and includes retained staking rewards in its net asset value, with its primary objective being to track the trust’s TRX value after expenses and liabilities.
The product was designed to stake substantially all its holdings. Its 19 August registration amendment set an annual sponsor fee of 1.10%, while staking fees were capped at 20% of generated rewards, leaving 80% with the trust.
The prospectus said the ETF would not be registered under the Investment Company Act of 1940. Shares could trade above or below the value of their underlying TRX, creating a premium or discount to net asset value. Creation and redemption baskets were set at 10,000 shares, using cash or TRX under stated conditions, with BitGo Bank & Trust named as TRX custodian and U.S. Bank as cash custodian.
