Weekly Data Report — September 14–20, 2026

This is the data edition for September 14–20, 2026. Every figure below carries an as-of date and a source, and every value from outside the window is marked as background rather than presented as current.

Where sources or definitions disagree — which they do this week on both USDT-on-TRON and TRON's locked value — we publish both readings and explain the difference instead of choosing one.

1. Stablecoin Market Cap (by Token)

Source note: token-level and chain-level figures are the seven-day comparison read from DeFiLlama over the window ending September 16, 2026 at 08:00 (UTC−05:00). The aggregate par-pegged float of $303.4B comes from a separate monitor with a narrower universe definition (excluding yield-bearing wrappers and non-USD pegs), so it sits below the headline total by construction — a definitional gap, not a data conflict. Three weeks of expansion ended this week, and the contraction was almost entirely one asset: USDC accounted for $891.0M of the $945.1M decline, or about 94%.

2. USDT Supply by Chain

One caution on reading this table as a flow map: Tether issues USDT natively on TRON, Ethereum and Solana, so a chain balance records where tokens sit at the snapshot time rather than the route they travelled. TRON's +$356.0M and Solana's −$419.7M are independent endpoint readings, and the source is explicit that no bridge path can be inferred from them. What the table does establish is where dollar balances are choosing to sit — and this week that choice moved away from Solana and toward TRON and Ethereum.

3. USDC Supply by Chain (A Broad Decline, Not a Rotation)

The contrast with USDT is the analytical point. Every one of USDC's nine named chains declined, losing $1.316B between them, while the residual bucket gained $425.3M — a net contraction of $891.0M. USDT moved $47.6M in total while hundreds of millions relocated between chains. One asset is being redeemed; the other is being redeployed, and the two should not be described with the same word.

4. TRON Stablecoin Supply

5. Accounts & Activity

Definition note on locked value: this week's releases cite two different numbers on the same TRONSCAN definition — just over $27B in the September 17 integration release and above $28B in the September 11 Ethena and Canary releases. Both are issuer-side copy rather than independent reads, and we publish both rather than splitting the difference. TRONSCAN's separate 'total value on chain' figure of $145B is a third definition that aggregates settled and held value rather than locked value; it is not comparable to any TVL series and is labelled as such.

6. Transfer Volume & Fee Abstraction

The weekly TRON transfer-volume series stays n/a for a second consecutive week. No report covering September 14–20 was published, and we do not carry a stale value forward to fill the row. The best available reference remains the >$23B average daily transfer volume cited in the September 10 MetaMask announcement, which is a point estimate from the prior window and is labelled as background.

7. TRON Energy Market

The cheapest observed single-order quote eased from 22 SUN to 20 SUN this week, a 9% decline that partially reverses last week's 57% lift. USD equivalents are computed at the September 20 TRX close of $0.3426 (65,000 energy x SUN price / 1,000,000 = TRX cost, multiplied by spot). Two data-hygiene notes carried forward: the live TronScan.energy comparison table still displays a USD column implying a TRX price near $0.10 — it shows 1.30 TRX as ~$0.13, when the correct figure at the September 20 close is ~$0.45 — and the cheapest headline rate on third-party trackers (0.972 TRX per transfer) requires an order covering 3,612 transfers, which is not comparable to a single 65,000-energy rental.

8. USDT Transfer Cost by Chain (Reference)

9. TRX Price, the TRXS ETF and Fees

What Happened Last Week

The stablecoin expansion of the previous three weeks ended: the Big-3 base contracted $945.1M to $261.776B, with USDC accounting for $891.0M of it and declining on every one of its nine named chains. Inside a nearly flat USDT total, $419.7M moved out of Solana while $356.0M arrived on TRON, extending the chain's lead in USDT balances to $92.581B on the DeFiLlama basis. TRON's user base passed 404 million accounts and TRONSCAN reported total value on chain at a $145B all-time high. Macro tightened in unison — the Fed hiked for the first time since 2023 and the Bank of Japan lifted rates to a 31-year high — while bitcoin gained 4.8% on just $6.2M of net ETF inflow, and TRX rose 1.3% to $0.3426. Energy quotes eased 9% at the floor after last week's 57% lift, and Circle's Arc mainnet launched with USDC as its gas token.

Fastest-Growing Indicators

• USDT on TRON: +$356.0M to $92.581B — the largest single-chain increase, second consecutive weekly gain (Sep 16).
• USDT on Ethereum: +$190.8M to $73.603B — the second consecutive weekly gain (Sep 16).
• TRON accounts: past 404M, from 403,459,271 read on TRONSCAN on Sep 10–11 (Sep 17–18 releases).
• TRONSCAN total value on chain: $145B, an all-time high (Sep 15).
• Bitcoin: +4.8% over seven days on $6.21M of net ETF inflow (Sep 14–20).
• USDC on the residual 'other chains' bucket: +$425.3M while all nine named chains declined (Sep 16).

Declining or Soft Indicators

• Big-3 stablecoin supply: −$945.1M, the first weekly contraction since August 19 (Sep 16).
• USDC: −$891.0M (−1.19%), about 94% of the Big-3 decline, negative on every named chain (Sep 16).
• USDT on Solana: −$419.7M to $2.344B, the largest single-chain decline in the data (Sep 16).
• Energy quote floor: 22 SUN → 20 SUN (−9%) (Sep 20).
• Ethereum spot ETFs: −$140M, ending a four-week inflow streak (Sep 14–18).
• CLARITY Act: cloture vote failed 49–50, short of the 60 needed (Sep 15).

Anomalies & Watch Items

• Dual basis on USDT-on-TRON persists: $92.581B (DeFiLlama, Sep 16) versus >$94B (TRONSCAN / official releases, Sep 17–18) — a counting-methodology gap we label rather than reconcile.
• Dual basis inside the release copy itself: TRON total value locked is cited as >$27B (Sep 17 release) and >$28B (Sep 11 releases) on the same TRONSCAN definition; both are issuer-side figures.
• Third definition: TRONSCAN's $145B 'total value on chain' versus ~$5.2B DeFi-app TVL on DeFiLlama — not the same measurement at all.
• Stale USD columns in live price tables: TronScan.energy's comparison table still implies a TRX price near $0.10; all USD figures in this report are recomputed at $0.3426.
• Bulk energy rates are not single-transfer rates: the 0.972 TRX per-transfer headline requires a 3,612-transfer order over a 15-minute rental.
• Weekly TRON transfer volume remains n/a for a second week; no window-appropriate print was published.
• Price series and its basis: TRX figures come from one complete seven-session series, Gate.io's TRX_USDT daily candles – Sep 13 close $0.3383, Sep 20 close $0.3426, window range $0.3317–$0.3472. Venue boundaries differ slightly and are disclosed rather than averaged: OKX closed September 20 at $0.3435 and CoinGecko's four-hourly data implies about $0.3431; across the three, the weekly low spans $0.3316–$0.3319 and the weekly high $0.3467–$0.3472, so the week-on-week change is +1.3% on this series and up to +1.5% measured to OKX's close. Last week's edition quoted a $0.3394 September 13 close from a different feed; the two series differ by under 0.4%.

Methodology & Caveats

Token and chain balances come from DeFiLlama snapshots over the seven days ending September 16, 2026 (via NeoDrop); the aggregate par-pegged float and reserve-income estimate come from StablecoinBeat's September 16 read at a 3.72% three-month Treasury rate. TRON-native account figures come from TRON DAO release copy dated September 17–18 and are labelled as issuer-reported. Energy quotes are live marketplace prices observed on September 20–21 — the cheapest and typical published rates, not a time-weighted average. USD conversions use the September 20 TRX close of $0.3426 on the Gate.io TRX_USDT daily series and are computed as 65,000 energy x SUN price / 1,000,000 x spot; no published USD column is copied. Weekly transfer volume is reported as n/a when no window-appropriate report exists. Where two credible sources or definitions disagree, we publish both rather than average them.

Disclaimer: This content is for informational purposes only and does not constitute financial, legal or investment advice. Crypto and stablecoin payments carry risks, including price volatility and regulatory change.