Tron pulled forward of rivals in blockchain earnings final 12 months, producing $3.6 billion, a determine that highlights how stablecoin exercise can outweigh sheer market worth in terms of community revenue. In line with Token Terminal, that tally locations Tron effectively above bigger rivals on pure income phrases.
Tron Tops Income Charts
Tron’s lead stems largely from stablecoin settlements, with studies exhibiting about 51% of circulating Tether USDT has been issued on the Tron community.
Ethereum, by comparability, recorded roughly $1 billion in income over the identical interval, at the same time as ETH’s market cap was round $540 billion — greater than 16x the TRX market cap, which sits simply north of $32 billion. The hole between market worth and on-chain income is stark.
Revenues Down In September: VanEck
Community revenues throughout blockchains fell 16% month-over-month in September, in keeping with a VanEck report. Merchants had fewer causes to pay for precedence processing as a result of markets calmed, and that drop in exercise hit payment revenue.
Volatility measures fell sharply: Ether volatility dropped 40%, SOL slid 16%, and Bitcoin volatility fell 26% in that month. Cheaper price swings imply fewer fast trades and fewer high-fee transactions.
Charges Fell As Volatility Cooled
Ethereum community income declined by 6% in September. Solana’s receipts slipped by 11%. Tron’s charges plunged 37%, however that determine was pushed partly by a governance change: a proposal decreased fuel prices by over 50% in August, and people decrease prices confirmed up in September’s numbers. In brief, each market quiet and coverage strikes mixed to trim what customers paid to maneuver belongings on chain.
Stablecoins And Settlement Exercise Mattered Extra Than Hype
The stablecoin market additionally continued to develop, with information from RWA.XYZ exhibiting the whole stablecoin market cap crossed $290 billion in October 2025.
That increasing pool of tokenized greenback balances tends to favor blockchains with low cost, quick transfers. For Tron, heavy stablecoin issuance has translated into regular transaction volumes and a distinct sort of financial engine than networks that rely extra on DeFi or speculative buying and selling.
Stablecoins Drive Transaction Flows
Stablecoins let worth transfer throughout borders with near-instant settlement and low charges. They commerce around the clock and don’t require a checking account, which helps clarify why on-chain volumes can diverge from pure token market caps.
Studies have disclosed that this utility-based demand is a significant purpose Tron outpaced others in income, even when its native token stays far smaller by market worth.
Featured picture from Unsplash, chart from TradingView
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