TRON has reached a significant milestone in the stablecoin market, with TRX—the network’s native token—showing early signs of a potential rebound.
According to a June 24 analysis by CryptoQuant contributor Maartunn, the total circulating supply of Tether (USDT) on the Tron blockchain has surpassed $80 billion, cementing Tron’s position as the leading network for USDT issuance.
Since late 2020, Tron has seen a steady rise in USDT supply. During the 2021 bull run, the supply jumped from under $7 billion to over $39 billion. In November 2024, Tron overtook Ethereum in total USDT issuance for the first time in three years.
The growth has continued into 2025, with USDT supply rising from $59.76 billion at the start of the year to more than $80.76 billion by mid-June. Despite this, the network’s total value locked (TVL) has declined—from roughly $7.5 billion in January to $4.3 billion now, according to DeFiLlama.
Still, there are encouraging signs of on-chain activity. Monthly trading volume on Tron-based decentralized exchanges (DEXs) increased from $4.9 billion in April to $5.5 billion in May, suggesting renewed user engagement.
At the time of writing, TRX is trading at $0.2729—up 2.2% in the last 24 hours—within a weekly range of $0.2605 to $0.2791. Despite this uptick, it remains 36% below its December 2024 peak of $0.4313. Daily trading volume has dipped nearly 29% to $939 million, signaling a slowdown in spot trading.
Technically, TRX is consolidating just below its 20-day simple moving average, but it remains above several key exponential moving averages (EMAs), including the 10-, 30-, 50-, and 100-day lines. This positioning may offer a supportive base for a future upward move.
This technical setup suggests underlying strength in TRX’s trend, even as the price remains range-bound. The Bollinger Bands have begun to tighten, signaling reduced volatility, with TRX currently hovering near the middle band.
The Relative Strength Index (RSI) sits near the neutral 50 mark, indicating a balanced momentum. While both the momentum and bull/bear power indicators are flashing buy signals, the MACD continues to linger in mildly bearish territory.
A clear breakout above the 20-day simple moving average and the $0.28 resistance zone could trigger a bullish move, potentially setting the stage for a retest of the $0.30–$0.32 range. However, failure to maintain support above $0.265 could leave TRX vulnerable to further downside, with the lower Bollinger Band near $0.262 acting as a likely target.
