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.
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.
