Tron emerges as a stable coin, surpassing Bitcoin, Ethereum and Solana with $566 million in Q3 revenue.
Key receivers
Tron's Q3 revenue of $566 million surpasses Bitcoin, Ethereum and Solana. Stablecoin transactions and memecoin activities contribute significantly to Tron's revenue.
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Tron's stablecoin ecosystem has boosted the network to new heights, generating $566 million in revenue by Q3 2023 and cementing its position as a major player in the blockchain space.
The network's impressive performance is largely due to the strong stablecoin movement, Tron now controls 34.8% of the stablecoin market. This puts it as the second largest blockchain for statscoins, with an estimated value of $59.8 billion of these digital assets. It is on this ecosystem that Tether USDT has 98.3% stable coin on Tron.
Stablecoin growth in emerging markets
Tron's stablecoin supply has grown by a whopping 21.6% this year, showing growing adoption and trust in the network. This increase is particularly evident in emerging markets such as Nigeria and Argentina, where users use Tron's low fees and fast transactions to use the stablecoin as a hedge against local currency fluctuations and exposure to the US dollar.
At the beginning of this year, Tron Network achieved 54% growth in user accounts with more than 204 million transaction volume exceeding $10 trillion and TVL of $8.14 billion, ranking second globally. In July, Tron's fees exceeded Ethereum's, mainly due to major USDT transfer activities.
The success of the network's stablecoin has had an impact on its overall performance. Daily transactions on Tron are now over 8 million, driven primarily by stablecoin transfers. This increased activity has caused the average transaction fee to rise from 20 cents to $1 over the past two years, contributing to the network's revenue growth.
Tron's Q3 revenue of $566 million represents a 43 percent increase from the previous quarter, putting it ahead of major blockchain networks such as Ethereum, Solana, and Bitcoin in terms of quarterly revenue. This growth trajectory has caught the attention of industry observers, with Tron founder Justin Sun expressing confidence in continued expansion in the coming months.
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