Tron Network Surpasses Ethereum in USDT Supply & Activity

Key Insights:

• USDT supply on the Tron network exceeded $84.9 billion, surpassing Ethereum.
• Tron address activity approaches a historic high despite market conditions.
• Tron founder to buy over $100 million worth of BTC after the latest crash.
• TRX price extends slide as crypto market sentiment remains weak.

The Tron network has officially knocked Ethereum off the top position in terms of stablecoin supply. This comes as improving regulation triggered a rush towards stablecoin adoption.

The fact that the Tron network has officially surpassed Ethereum is noteworthy. Ethereum has held the top spot since September. Besides, the two networks have been locked in a USDT dominance war for years.

USDT stablecoin supply on Tron has risen to nearly $83 billion, according to DeFiLlama. It controlled about 44.74% of the USDT supply, which was slightly higher than the $82.84 billion (44.7%).

The rising USDT liquidity on Tron means the network is becoming the preferred chain for most on-chain activity. This is largely due to its faster and cheaper transactions. This growth also reflects some of the network’s key growth metrics.

Tron Network Activity Approaches a Historic High Territory

A notable surge in address activity accompanied the rise in USDT count on the Tron network. Active addresses on the network maintained an overall uptrend over the last few years.

However, the address activity adopted a parabolic uptrend over the last few weeks. For context, weekly active addresses jumped from as low as 18.8 million in the last week of December to 24.6 million last week.

The rising address activity maintained a direct correlation with transaction activity. Interestingly, the Tron network just recorded the highest weekly transactions ever at 81.54 million transactions during the same week (26 January to 1 February).

The network’s stablecoin count also achieved a new historic high during the same week. Analysts believe that stablecoin transaction activity has been fueling the robust network growth.

Tron Network Founder Justin Sun Reveals Plans to Buy More Bitcoin

Beyond network performance, Tron has been building a Bitcoin reserve, and it may be about to make another large purchase. Just a few days ago, Binance revealed plans to convert part of its SAFU funds into Bitcoin. Recent reports revealed that Tron Founder Justin Sun recently revealed plans to execute a similar move.

Despite this, the amount of Bitcoin that Tron holds remained unclear. Meanwhile, the positive network activity and plans to buy more BTC did not yield positive returns for its native cryptocurrency.

TRX price action kicked off January on a bullish leg but has since retreated, giving up almost all the gains made in the first half of January. For context, the Tron-native cryptocurrency peaked at $0.32 on 18 January and fell to $0.28 over the last 24 hours. A 12% drop in just over 2 weeks.

It was worth noting that TRX price was not yet oversold despite the price drop. However, the retracement ensured that it retested the same consolidation zone where it hovered between November and December last year.

The TRX price action showed no correlation with Tron network activity. In other words, the cryptocurrency’s performance was largely driven by overall market conditions rather than organic demand.

Zooming out on larger time frames revealed a natural retracement after a parabolic move from November 2022 to August 2025.