While Ethereum remains the dominant on-chain financial services centre, TRON has progressively gained traction in emerging areas by allowing for high-volume transactions with minimum infrastructure. Since 2021, TRON has closely tracked Ethereum's total USDT supply, and by early 2025, it will have around $70 billion in USDT, virtually reaching Ethereum's level.
TRON's low-cost, rapid settlement method has made it a popular platform for peer-to-peer trading, over-the-counter transfers, and cross-border payments. Its significance in off-exchange flows and FX substitution has kept it relevant even during downturns in the larger crypto marketplaces.
However, growth in new users has decreased by 2025. Daily new wallet generation has reduced from above 1.2 million to less than 600,000. Similarly, monthly active addresses have plummeted to roughly 5 million, far below the 13-16 million level observed in 2024.
Despite the decline in the number of new wallets, transactional activity remains high. The network conducts 10 to 16 million transactions monthly, and over 3 million active addresses remain. This implies that current users transact more frequently, indicating deeper use rather than desertion.
Long-term trends point to a shift from rapid expansion to ecosystem maturity. TRON appears to be entering a consolidation phase where activity is concentrated and infrastructure is more efficiently utilised.
Looking ahead, macroeconomic dynamics could influence TRON's role in global finance. If the Federal Reserve begins to cut interest rates, the velocity of USDT throughout the network may change. At the same time, increased geopolitical insecurity may boost demand for decentralised, reliable payment rails, a market in which TRON is already well-positioned.
Written by Novaque Research
