TRON transactions come from stablecoin uses and P2P transfers, producing record fees

Tron derives most of its transactions from stablecoins and wallet-to-wallet transfers. The launch of zero-gas USDT transfers further boosted the network’s activity. 

More than 93% of all TRON traffic is linked to stablecoin transfers. The most common type of transaction is between peer wallets for direct transfers of USDT or tokens. Based on Messari data, most of the TRON network is made up of end users sending funds to each other. The discovery matches previous data for use cases linked to P2P markets. 

Messari revealed only a small share of transactions going to exchanges or engaging with DeFi protocols. 

99.93% of Tron transactions originate from stablecoins and wallet-to-wallet transfers. pic.twitter.com/yWZFDzOS0Z

— Messari (@MessariCrypto) April 11, 2025

TRON reports over 9M daily transactions, with over 2.38M in USDT transfers. USDT transfer volume varies between $14B and $28B in 24 hours, depending on market trends. The chain is also drawing in traffic for its deflationary native token. TRX traded at $0.23, remaining one of the least volatile altcoins during the latest turbulent market period. 

Based on Tronscan data, that activity is linked to over 3M daily active accounts. Active addresses have grown from 2.5M per day in January to their current level. Some doubts still affect the reputation of TRON, as critics consider the reported traffic to be unrealistic. Despite this, TRON is one of the most accessible networks for stablecoin transfers, mostly due to the extremely low fees. 

On April 10, the founder of TRON Justin Sun announced that TRON is close to onboarding 300M wallets. He will determine a lucky winner for becoming user #300M, offering a potential reward. 

Let's see who gets lucky tomorrow. https://t.co/uIlAATd10F

— H.E. Justin Sun 🍌 (@justinsuntron) April 11, 2025

All on-chain metrics have been rising for TRON, despite the relatively few use cases outside payments. TRON retains one of the smallest DeFi sectors, and its meme tokens are limited to their native network. 

Despite this, TRON remains the network with the biggest fee production, reaching $818.3M for the past three months. For the past year, TRON surpassed all other L1 chains combined based on generated transfer fees. The chain achieved more than $2.4B in fees for 2024, with no signs of slowing in the past quarter. 

In the past day, TRON achieved up to $67M in weekly revenues at the end of March. The chain pays out up to $63M to its validators, becoming one of the key sources of passive income. 

 The network draws in only $4.78B in value locked, still limited to JustLend and SunSwap for its small DeFi sector. 

USDT on TRON grows to $67B

The total supply of USDT on TRON expanded to $67B, reaching over 64M wallets. TRON makes up 99% of the stablecoin supply on TRON, with no other competitors or bridged tokens. After previous attempts to launch algorithmic tokens, currently, USDT is used for DeFi and in passive income protocols. 

In Q1, the supply and liveliness of USDT on TRON increased, adding to the general transaction growth. Based on on-chain data aggregated by Dune, USDT activity on TRON picked up since January 2025. 

TRON is now ahead of other chains in terms of both raw transfer count and the value transferred. Currently, Binance Smart Chain has a higher number of transactions. 

TRON surpassed USDT activity on Ethereum, Solana, and Arbitrum. The USDT traffic on TRON remains several times bigger compared to other networks, potentially signaling active payments and P2P transfers.

While USDT is held by whales, over 71% of the supply is held by retail wallets. The token is closely watched by the T3 Financial Crime unit, formed by Tether, Inc. and TRON DAO. 

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