Tron has grown to become the second blockchain to Ethereum in stablecoin market share. 

Data from Coin Metrics Network reveals that stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market share, which currently stands at $161.1 billion. This is a significant increase from a supply of $46.6 billion it held a year ago.

Tron trails the Ethereum network, which dominates the stablecoin market supply at $89.7 billion, representing 55.7% of the total supply.

Stablecoin supply by network. Source: Coin Metrics Network

Growth in the stablecoin supply on Tron coincides with an increase in transfer volume, which has grown by 5.1% over the last 30 days and 158% year-to-date to reach $58.75 billion. Other chains like Ethereum and BNB Chain saw year-to-date increases in volume of 103% and 46.5% respectively. Stablecoin transfer volumes on Solana have dropped by 75% over the same period.

Stablecoin year-to-date transfer volumes. Source: Artemis

Tron’s dominance is evidenced in the daily total stablecoin transfer volume, which stood at $17.4 billion on Aug. 15, dwarfing Solana’s $6.4 billion and BNB Chain’s $1.6 billion on the same day.

Related: Circle proposes new capital-risk framework for stablecoins

Moreover, the $17.4 billion in stablecoin transferred on Tron on Aug. 15 is 222%% more than the $5.4 billion stablecoin transfer volume on Aug. 15, 2023.

Stablecoin transfer volumes one year. Source: Artemis

In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Tron, pushing its total value locked to $10.55 billion on March 14, 2024, its highest level ever, according to data from DefiLlama. The TVL has increased by 12% since Aug. 5 to the current value of $7.617 billion.

Total value locked on Tron. Source: DefiLlama

This has also been evidenced by the increased onchain revenues, where Tron has witnessed a significant increase over the last year.

Daily revenue on the Tron network increased by 27% during the year, running up to Aug. 16 to $1.5 million.

Total revenue generated on Tron. Source: DefiLlama

Over the same period, daily volume on Tron-based decentralized applications rose by more than 672%, from $4.61 million to $35.57 million.

The price of TRX , Tron’s native token, has also been, rising over 80% in the last 12 months to trade at $0.133 at the time of publication. The price of the layer-1 token is now 55% from its January 2018 all-time high of $0.30.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.