Official TRON data:
The total number of accounts has surpassed 400 million, with an additional 100 million added over the past year; the cumulative number of transactions is 15.2 billion; and the total transfer value is approaching $3 trillion. The figures are indeed astonishing in terms of sheer scale, but as analysts, what we should focus on is the change in structure.
TRON’s account growth rate has noticeably slowed since 2025. In the past 12 months, it added 100 million accounts—an absolute number that is still large—but the quarter-over-quarter growth rate is already lower than in the previous few cycles.
At the same time, the circulating supply of USDT on TRON continues to increase, and TRX’s role in the settlement layer is becoming more like a fee token than a store of value. In essence, TRON is no longer a public-chain narrative—it has become a stablecoin settlement network.
Among the 400 million accounts, the vast majority are USDT users; the proportion of users actively running DeFi or DApps on-chain is very low. This positioning is itself a moat, because TRON-based USDT transfers have become core infrastructure for substituting fiat in emerging markets.
However, the data also reveals the ceiling: the number of accounts no longer represents the growth story. The key is value per account and the network fee rate. Next, we should track TRON’s Gas revenue and the change in USDT’s circulating supply as a proportion of USDT’s total supply—that’s the anchor for judging whether this chain still has upside space.
The total number of accounts has surpassed 400 million, with an additional 100 million added over the past year; the cumulative number of transactions is 15.2 billion; and the total transfer value is approaching $3 trillion. The figures are indeed astonishing in terms of sheer scale, but as analysts, what we should focus on is the change in structure.
TRON’s account growth rate has noticeably slowed since 2025. In the past 12 months, it added 100 million accounts—an absolute number that is still large—but the quarter-over-quarter growth rate is already lower than in the previous few cycles.
At the same time, the circulating supply of USDT on TRON continues to increase, and TRX’s role in the settlement layer is becoming more like a fee token than a store of value. In essence, TRON is no longer a public-chain narrative—it has become a stablecoin settlement network.
Among the 400 million accounts, the vast majority are USDT users; the proportion of users actively running DeFi or DApps on-chain is very low. This positioning is itself a moat, because TRON-based USDT transfers have become core infrastructure for substituting fiat in emerging markets.
However, the data also reveals the ceiling: the number of accounts no longer represents the growth story. The key is value per account and the network fee rate. Next, we should track TRON’s Gas revenue and the change in USDT’s circulating supply as a proportion of USDT’s total supply—that’s the anchor for judging whether this chain still has upside space.