Tron prevailed its rivals in blockchain revenue last year, generating $3.6 billion. According to Token Terminal, Tally outperforms Tron much more than its larger rivals in purely revenue terms.
Tron tops its revenue chart
Tron’s lead comes from mainly Stablecoin settlements, indicating that around 51% of the circulating tether USDT is issued on the Tron network.
By comparison, Ethereum recorded revenues of around $1 billion over the same period, even if ETH’s market capitalization was around $540 billion. TRX’s market capitalization is more than 16 times north of $320 billion. The gap between market value and on-chain revenue is tight.
September revenue: Vanek
According to a report by Vaneck, network revenue across the blockchain fell 16% in September a month ago. Traders have less reason to pay for priority processing as the market has settled and their activities have fallen into fee revenue.
Volatility measures have dropped sharply. Ether volatility decreased by 40%, SOL dropped by 16%, and Bitcoin volatility fell by 26% that month. Lower prices result in fewer quick transactions and fewer luxury transactions.
Prices fell as volatility cooled
Ethereum Network revenue fell 6% in September. Solana’s receipt was 11% slid. Tron’s fees plummeted 37%, but that figure was driven in part by a change in governance. The proposal cut gas prices by more than 50% in August, and these lower costs rose in September numbers. In short, both market tranquility and policy combined to trim what users paid to move onto the chain.
Stubcoin and settlement activities were more important than hype
The Stablecoin market continues to grow, with data from RWA.xyz showing that Stablecoin’s total market capitalization exceeded $290 billion in October 2025.
Expanding the pool of tokenized dollar balances tends to favor blockchain with cheap and fast transfers. In the case of Tron, large-scale Stablecoin issuance is translated into a network that relies on definitions and speculative transactions, with stable trading volumes and different kinds of economic engines.
Stablecoins drive transaction flow
Stubcoins move value across borders with nearby payments and low rates. They trade around the clock and do not require a bank account. This helps explain why on-chain volumes can fork from the market capitalization of pure tokens.
The report reveals that this utility-based demand is the main reason Tron has outperformed others revenue, even though native tokens remain far less by market value.
Unsplash featured images, TradingView charts
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