TRON has reached a significant milestone in the stablecoin ecosystem, with over $80 billion in Tether (USDT) now circulating on its blockchain, marking it as the largest network for USDT issuance even surpassing Ethereum in total supply. As the network’s dominance in the stablecoin market expands, its native token TRX is showing signs of a possible price recovery amid technical consolidation.
$80 Billion Milestone: TRON Leads the Stablecoin Race
According to new data shared by CryptoQuant contributor Maartunn on June 24, TRON’s USDT supply has grown dramatically from under $7 billion in late 2020 to more than $80.76 billion in mid-June 2025. This represents a tenfold increase over five years, with the most aggressive growth occurring post-2021 bull run.
Notably, TRON overtook Ethereum in terms of USDT supply back in November 2024, and has continued to stretch that lead into 2025.
TVL Down, But DEX Volume Offers Hope
Despite the surge in stablecoin issuance, TRON’s total value locked (TVL) in DeFi protocols has declined from around $7.5 billion in January to just $4.3 billion today, according to DefiLlama.
However, TRON’s decentralized exchange (DEX) volume is showing strength. Monthly trading activity increased from $4.9 billion in April to $5.5 billion in May, indicating a rebound in on-chain engagement and user activity.
TRX Technical Outlook: A Recovery Brewing?
As of writing, TRX is trading at $0.2729, gaining 2.2% in the last 24 hours. The token has ranged between $0.2605 and $0.2791 this week but remains 36% below its December 2024 high of $0.4313.
From a technical perspective:
- TRX is consolidating below the 20-day SMA, hinting at indecision in short-term price direction.
- The token is still trading above its 10-, 30-, 50-, and 100-day EMAs, suggesting medium-term bullish strength.
- Bollinger Bands are narrowing, showing reduced volatility, with TRX hugging the middle band.
- The Relative Strength Index (RSI) is hovering around 50, signaling neutral momentum.
- MACD remains slightly bearish, but momentum and bull/bear power indicators are flashing buy signals.
If TRX can decisively break above $0.28 and reclaim the 20-day SMA, bulls may push for a retest of the $0.30–$0.32 zone. Failure to hold above the $0.265 support could see TRX slide toward the lower Bollinger Band near $0.262.
TRON’s Path Forward
While the network’s TVL contraction may signal investor caution, the record-high USDT supply and improving DEX volume point to resilient demand and infrastructure utility. With TRX hovering near support and bullish signals mounting, a breakout could materialize especially if broader crypto market sentiment remains positive.
As TRON solidifies its role as a stablecoin powerhouse, investors and analysts alike will be watching to see if TRX can follow with a sustained price recovery.
