Tron tightens its USDT lead over Ethereum as network activity and BTC reserve plans climb, yet TRX price lags, retracing into a multi‑month consolidation range.
Summary
- Tron’s share of USDT supply has grown, with on-chain data showing rising active addresses and record weekly transaction volumes tied to stablecoin usage.
- Justin Sun has signaled plans to increase Tron’s Bitcoin reserves, echoing Binance’s $1 billion SAFU conversion toward BTC as both networks tilt their treasuries to Bitcoin.
- Despite stronger fundamentals, TRX has retraced recent gains and is back in its late‑2025 consolidation zone, with price action tracking broader market conditions more than network growth.
The Tron network has surpassed Ethereum in stablecoin supply, marking a shift in the competitive landscape between the two blockchain platforms that have competed for USDT dominance in recent years.
USDT stablecoin supply on Tron has risen significantly, giving it a larger share of the USDT supply than Ethereum, according to data from DeFiLlama.
The increased USDT liquidity on Tron reflects the network’s faster and cheaper transaction capabilities compared to competing platforms. The growth corresponds with key network performance metrics, according to blockchain analytics data.
Tron on the radar
Address activity on the Tron network has surged alongside the rise in USDT supply. Active addresses maintained an upward trend over recent years and accelerated in recent weeks, with weekly active addresses rising sharply during this period, according to DeFiLlama data.
Transaction activity has followed a similar pattern. The Tron network recently recorded its highest weekly transaction volume, while the network’s stablecoin count reached a new historic high during the same week. Industry analysts have attributed the robust network growth to stablecoin transaction activity.
Tron has been accumulating Bitcoin reserves and may execute another large purchase, according to public statements. Binance recently announced plans to convert part of its Secure Asset Fund for Users (SAFU) into Bitcoin. Tron founder Justin Sun has indicated plans for a similar move, though the exact amount of Bitcoin currently held by Tron remains undisclosed.
Despite positive network activity and Bitcoin acquisition plans, Tron’s native cryptocurrency TRX has not experienced corresponding price gains. TRX began January with an upward price movement but has since retraced most gains, experiencing a decline over recent weeks.
The TRX token was not in oversold territory despite the price drop, according to technical indicators. The retracement brought the token back to the consolidation zone where it traded between November and December of the previous year. The TRX price movement has shown limited correlation with Tron network activity, with the cryptocurrency’s performance appearing to track broader market conditions rather than network-specific demand.
Long-term price charts indicate a natural retracement following a parabolic price movement from November 2022 to August 2025, according to market data.
