The state of TRON H2 2025: Stablecoin settlement at scale amid rising competition

TRON solidified its dominance as a stablecoin settlement powerhouse in the second half of 2025, even as rivals like Solana and emerging chains nipped at its heels.

The blockchain processed trillions in annual payments, fueled by low fees and rapid confirmations that drew remittances, merchant payouts, and high-volume transfers across LATAM, Africa, and Asia.

Monthly active stablecoin users surged 38% to over 10 million, while supply ballooned 41%, driven by USDT expansion alongside USDD and TUSD.

Network activity roared back, eclipsing 300 million monthly transactions for the first time since mid-2023—a 50% jump from January—and hitting around 20 million active accounts by December.

Over half of those accounts handled stablecoins, underscoring TRON’s payments-first niche versus memecoin frenzy on Solana or BNB Chain. TRX, the native token, climbed 26% for the year, with gains concentrated in Q2-Q3 amid ecosystem momentum.

Ecosystem pushes real-world adoption

TRON shifted to pragmatic execution in H2, inking deals with fintech heavyweights like Kalshi for TRX/USDT deposits-withdrawals on its prediction market and Revolut for “Crypto 2.0” features, including staking and fiat-stablecoin swaps across Europe.

These highlighted TRON’s edge: three-second blocks and near-zero costs for liquidity rails. Interoperability advanced via NEAR Intents for seamless cross-chain swaps and a LayerZero bridge to Coinbase’s Base, unlocking TRX in DEXs like Aerodrome.

Developer tools got a lift too, with Alchemy RPC, MetaMask/WalletConnect enhancements, and Ledger’s full TRON support for enterprise-grade TRC20 management.

Regulatory wins included ADGM’s FSRA greenlighting USDT on TRON as an Accepted Fiat-Referenced Token, bolstering compliant institutional use.

Competition heats, revenue mixed

Ethereum held the stablecoin supply crown via USDC, but TRON led P2P volumes, fending off Plasma, Stable, and HyperEVM challengers.

Staking revenue peaked near $900 million in Q3 before a Q4 market dip dragged totals down; Solana snatched the burn-revenue lead in H2. DeFi TVL rose 15% but slipped outside top five, ceding ground to Base and BNB amid TRX volatility.

Looking to 2026, TRON must defend turf through predictable costs, fintech distribution, and UX tweaks against Solana’s speed and Plasma’s stablecoin focus. Its H2 playbook—steady integrations over hype—positions it as enduring financial plumbing in a multichain world.

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