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As the network reaches a major milestone in the stablecoin space, $TRX, the native token of TRON, is showing signs of a possible recovery.
According to a June 24 analysis by CryptoQuant contributor Maartunn, the total circulating supply of Tether ($USDT) on the Tron ($TRX) blockchain has now exceeded $80 billion. This record positions Tron as the largest network for $USDT issuance.
Since late 2020, $USDT supply on Tron has grown almost continuously. It jumped from just under $7 billion to over $39 billion during the 2021 bull market. For the first time in three years, it surpassed Ethereum (ETH) in terms of the overall $USDT supply in November 2024.
The growth continued into 2025, rising from $59.76 billion at the beginning of the year to more than $80.76 billion by mid-June. Despite this rapid growth in stablecoin supply, the network’s total value locked has decreased from about $7.5 billion in January to just $4.3 billion, as per DefiLlama data.
However, its decentralized exchange volumes paint a more optimistic picture. Monthly trading volume on TRON-based DEXs rose from $4.9 billion in April to $5.5 billion in May, showing renewed trading activity on-chain.
At the time of writing, $TRX is trading at $0.2729, up 2.2% over the past 24 hours, with a weekly range of $0.2605 to $0.2791. The token is still 36% below its peak of $0.4313, which was reached in December 2024. With daily volume down almost 29% to $939 million, spot trading activity seems to have cooled.
From a technical perspective, $TRX appears to be consolidating near key support levels. The price has been moving sideways just below the 20-day simple moving average. However, it is still above the majority of important exponential moving averages over both short and long timeframes, such as the 10-, 30-, 50-, and 100-day EMAs.
$TRX eyes recovery as total $USDT supply on Tron surpasses $80B - 1"> This alignment points to underlying strength in the trend, even though price is still range-bound. The Bollinger Bands are showing a slight narrowing, which indicates less volatility, and $TRX is hugging the middle band.
The relative strength index, which is near 50, shows a neutral momentum bias. The momentum and bull/bear power indicators are flashing buy signals, but the MACD indicator is still in slightly bearish territory.
If $TRX decisively clears the 20-day SMA and breaks above the $0.28 range, a bullish breakout might develop, possibly paving the way for a retest of the $0.30–$0.32 range. On the downside, the token may be susceptible to additional losses toward the lower Bollinger Band around $0.262 if it is unable to hold above $0.265.