The Tron network leads the stablecoin market share with a growing monthly transaction volume.

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

According to data from CoinMetrics Network, the stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market, which currently stands at $161.1 billion. This was a significant increase compared to the $46.6 billion supply held a year ago.

Tron follows the Ethereum network, which dominates the coin's market supply, which is stable at $89.7 billion, representing 55.7% of the total supply.

The stable coin supply growth on Tron coincides with an increase in transaction volume, which has grown by 5.1% over the past 30 days and 158% year-over-year to $58.75 billion. Other chains such as Ethereum and BNB Chain have seen increases of 103% and 46.5% year-on-year respectively. Stablecoin transaction volumes on Solana have dropped by 75% over the same period.

Tron's dominance is evidenced by the total daily stablecoin turnover, which stood at $17.4 billion per day on August 15, while Solana's $6.4 billion and BNB Chain's $1.6 billion grew on the same day.

Related: Circle Offers New Capital-Risk Framework for Stablecoins

Moreover, Tron's August 15 transfer of $17.4 billion stablecoin is 222% higher than the transfer rate of $5.4 billion on August 15, 2023.

In addition to stablecoin volumes, decentralized finance (DeFi) activity on Tron has increased, with its total value locked at $10.55 billion on March 14, 2024, according to data from Defillama. Since August 5, TVL has increased by 12% to a current value of $7.617 billion.

This is confirmed by the increase in onchain revenue, where Tron saw a significant increase last year.

Daily revenue on Tron's network is up 27% year-over-year, reaching $1.5 million as of August 16.

During the same period, the daily volume of Tron-based decentralized applications increased by more than 672 percent, from $4.61 million to $35.57 million.

The price of TRX, Tron's native token, has risen more than 80% in the past 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 business activity involves risk, and readers should do their own research when making a decision.