Weekly Data Report — September 21–27, 2026

This is the data edition for September 21–27, 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 again this week on USDT-on-TRON — 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 23, 2026 at 08:00 (UTC−05:00). USDT and USDC latest balances are derived from last week's published bases plus this week's changes and rounded to the nearest $0.01B; DAI's change is the implied residual of the published Big-3 total. The one definitional trap this week belongs to Arc: $616.9M of USDC sits on a chain that did not exist in the prior snapshot, so the ex-Arc figure of +$873.4M is the honest week-over-week comparison — still the strongest since late August.

2. USDT Supply by Chain

The same reading caution as every week: Tether issues USDT natively on the chains involved, so a balance records where tokens sit at the snapshot, not the route they travelled — no bridge path can be inferred. What the table establishes is direction, and this week the direction reversed: after two weeks of absorbing USDT while the market shrank, TRON led the outflows while the market grew. Plasma, which launched its USDT push earlier this quarter, took the largest inflow. Balances marked n/a were not published for those chains in this window's snapshot; we do not reconstruct them.

3. USDC Supply by Chain (Growth Led by a New Chain and a Futures Venue)

Ethereum's decline against venue and new-chain growth is a reallocation pattern rather than a redemption one: the asset grew $1.49B globally while its largest custody base shrank. The gross-versus-net gap on Solana is the week's best measurement lesson — $3.25B of minted USDC produced a net balance change of $520.8M, because mints, redemptions and cross-chain movement all run through the same balance. Neither figure is wrong; each answers a different question, and we label which one each row answers. Balances are derived from the prior-week published base plus this week's change.

4. TRON Stablecoin Supply

5. Accounts & Activity

Definition note: the $30T figure is lifetime gross settlement — every transfer ever settled, counted each time value moves — and is not comparable to TVL, to annualized volume, or to DeFiLlama's application-only TVL series (~$5.2B, early September). It is a scale statement, and we label it as one. The genuinely new series this week is the weekly transaction count near 100 million, which annualizes to roughly 5.2 billion and gives the energy market below its clearest demand denominator yet.

6. Transfer Volume & Fee Abstraction

Two gasless rails now run in parallel on TRON: GasFree, the relayer service that has processed $3.51B in a single week without users holding TRX, and Binance Wallet's new USDT-fee option inside the largest retail distribution channel in crypto. They solve the same UX problem with different mechanics — GasFree via meta-transactions, Binance via fee-token delegation with a promotional subsidy — and the data edition's job is to keep them distinct rather than merge them into one 'gas abstraction' number.

7. TRON Energy Market

The cheapest observed single-order quote rose from 20 SUN to 23 SUN, a 15% increase that more than reverses last week's 9% give-back — TronBid now holds the floor that TronRental held two weeks ago, and TronRental's own 1-hour quote moved from 20 to 30 SUN. USD equivalents are computed at the September 27 TRX close of $0.3334 (65,000 energy x SUN price / 1,000,000 = TRX cost, multiplied by spot). The standing hygiene notes apply: TronScan.energy's comparison table still displays a USD column implying a TRX price near $0.10 — it shows 1.50 TRX as ~$0.15, when the correct figure at this week's close is ~$0.50 — and we recompute every USD cell rather than copy any published column.

8. USDT Transfer Cost by Chain (Reference)

9. TRX Price, the TRXS ETF and Staking

What Happened Last Week

The stablecoin float rebounded sharply: the Big-3 base grew $1,549.7M to $263.374B, its largest weekly gain since August 26, with USDC supplying $1,490.2M of it — $616.9M of that on the brand-new Arc chain — while USDT stayed flat at +$30.0M and rotated underneath, leaving TRON (−$238.2M) and Solana (−$349.9M) for Plasma, Ethereum and Avalanche. TRON crossed $30 trillion in cumulative transfer volume, passed 405 million accounts, and produced its first weekly transaction count — near 100 million — while Binance Wallet launched USDT-denominated gas and Privy and OpenZeppelin expanded the developer stack. The week's largest security event reached TRON directly: Bitget's breach was revised to $387.5M including TRON-network assets, with phased withdrawal resumption through October 2. TRX itself fell 2.7% to $0.3334 against a bitcoin rally to roughly $84,400, and the energy floor rose 15% from 20 SUN to 23 SUN.

Fastest-Growing Indicators

• Big-3 stablecoin supply: +$1,549.7M to $263.374B — the largest weekly gain since August 26 (Sep 23).
• USDC on Arc: $616.9M in the chain's first week of existence (Sep 23).
• USDC on Hyperliquid L1: +$982.6M — the largest single-chain USDC increase (Sep 23).
• TRON cumulative transfer volume: past $30T; accounts past 405M (Sep 23–24).
• Energy quote floor: 20 SUN → 23 SUN (+15%) (Sep 27–28 read).
• Bitcoin ETF flows: >$2.2B for the week, the strongest of 2026, flipping YTD flows positive (Sep 21–25).

Declining or Soft Indicators

• USDT on TRON: −$238.2M, the chain's first weekly decline after consecutive gains (Sep 23).
• USDT on Solana: −$349.9M to ~$1.994B, a second consecutive weekly decline (Sep 23).
• USDT on Ethereum venue share: the chain lost $453.5M of USDC even as USDC grew globally (Sep 23).
• TRX: −2.7% w/w to $0.3334, against a bitcoin week of roughly +5% (Sep 27).
• Ethereum USDC: −$453.5M, the largest USDC decline of any chain (Sep 23).
• Bitget: withdrawals paused after a $387.5M breach; resumption phased through October 2 (Sep 24–26).

Anomalies & Watch Items

• Dual basis on USDT-on-TRON persists: ~$92.343B (DeFiLlama, Sep 23) versus >$94B (TRONSCAN / official releases, Sep 23–24) — a counting-methodology gap we label rather than reconcile.
• The Arc effect: $616.9M of USDC growth sits on a chain with no prior-week value, so headline USDC growth (+$1,490.2M) overstates the underlying trend (+$873.4M ex-Arc).
• Gross issuance is not net supply: Circle minted $3.25B of USDC on Solana across thirteen 250M events while the chain's net balance rose $520.8M.
• Derived balances: chain balances for USDT (TRON, Ethereum, Solana) and USDC (Ethereum, Hyperliquid, Solana, Arbitrum) are computed from last week's published base plus this week's change, and rounded; they are labelled derived wherever they appear.
• 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 $0.3334.
• TRX price basis: figures come from one complete seven-session series, Gate.io's TRX_USDT daily candles — Sep 20 close $0.3426, Sep 27 close $0.3334, window range $0.3323–$0.3493. OKX's daily series closes September 27 at $0.3337 and prints the window high ($0.3493) on its September 21 session rather than September 22, a venue day-boundary difference disclosed rather than averaged; cross-source differences this week are under 0.3%.
• Weekly TRON transfer value remains n/a as a chain-indexed series; the ~$150B weekly settlement figure circulating in release coverage is CoinDesk's estimate and is labelled as such wherever used.

Methodology & Caveats

Token and chain balances come from DeFiLlama snapshots over the seven days ending September 23, 2026 (via NeoDrop). TRON-native account figures come from TRON DAO release copy dated September 23–24 and are labelled as issuer-reported; the $30T cumulative volume figure is lifetime gross settlement on that copy's definition. Energy quotes are live marketplace prices observed on September 27–28 — the cheapest and typical published rates, not a time-weighted average — with the floor change measured against the September 20 snapshot of 20 SUN. USD conversions use the September 27 TRX close of $0.3334 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 value is reported as n/a when no chain-indexed weekly print 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.