TRON's Share in Stablecoin Transactions Plunges to 14.6% as Solana and Ethereum Gain Ground

The TRON network is rapidly losing its grip on the stablecoin payments market. According to February data from Visa's analytics dashboard, TRON's share of adjusted stablecoin transaction volume dropped to just 14.6% — down from 36.45% at the start of 2025.

TRON's Decline and Visa's Methodology

A decline of more than 20 percentage points over a single year signals a fundamental shift in user preferences when it comes to stablecoin infrastructure. Visa's methodology relies on an adjusted volume metric that deliberately filters out bot activity, high-frequency trading, and internal smart contract transactions. The goal is to measure genuine stablecoin usage as a payment medium rather than inflated on-chain activity.

Total stablecoin transaction volume across all blockchains reached $8.8 trillion over the past year. However, once Visa's filters are applied, the adjusted figure reflecting real economic activity stands at just $1.4 trillion — nearly a sixfold difference.

Why This Matters

The redistribution of stablecoin flows between blockchains serves as a critical indicator of genuine demand for specific network infrastructure. TRON long dominated the space thanks to its ultra-low fees for USDT transfers, but competition from Solana and Ethereum has intensified significantly. Losing more than a third of its market share in a year raises serious questions about TRON's future role as the go-to network for stablecoin payments.

The shakeup extends to the stablecoins themselves. Since the beginning of the year, USDC's share of total transaction volume has consistently exceeded 50%, effectively dethroning USDT as the dominant asset in this segment.

Solana Briefly Tops Blockchain Rankings

The shifting demand for stablecoins has directly reshuffled blockchain rankings. In February, Solana claimed the top spot for stablecoin payments, surpassing both TRON and Ethereum — the traditional leaders in this category.

The picture continues to evolve, however. In March, Ethereumreclaimed the top position, followed by Solana and TRON.

Stablecoins as the Future of Payments

Growing interest in stablecoins extends well beyond Visa's data. In March, billionaire investor Stanley Druckenmiller stated that stablecoins could become the backbone of the global payment system within the next 10 to 15 years. With an adjusted annual volume already at $1.4 trillion — comparable to the throughput of major payment networks — the competition between blockchains for this market is set to intensify further.